TEX reported that Japan's largest electric steelmaker Tokyo Steel Mfg Co had reduced what the company pays for locally available ferrous scrap by JPY 500 to JPY 1,000 per tonne at its five works, effective with May 12th 2011 arrivals.

A price reduction of JPY 1,000 per tonne applies to all grades of seaborne and overland arrivals at the Okayama, Kyushu and Takamatsu works, and to all grades of overland arrivals at the Utsunomiya works. Another price reduction of JPY 500 per tonne applies to all grades of seaborne arrivals at the Tahara works.

As a result, the new delivered prices of No2 HMS are

JPY 37,000 per tonne for seaborne overland arrivals at the Okayama
JPY 37,000 per tonne for the corresponding arrivals at Kyushu works
JPY 35,000 per tonne for the corresponding arrivals at Takamatsu
JPY 37,500 per tonne for seaborne arrivals at the Tahara works
JPY 36,000 per tonne for overland arrivals at the Utsunomiya works

The delivered price of No2 HMS remains unchanged at JPY 38,000 per tonne for overland arrivals at the Tahara works.

(Sourced from TEX Report Limited)