Tokyo Steel Manufacturing Cuts Scrap Prices Again

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Tokyo Steel Manufacturing will cut its scrap purchase prices by Yen 500 per million tons ($4.6/mt) across all 5 of its steelworks, for deliveries beginning Friday, the company said Thursday.

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Last week, the steelmaker had cut scrap purchases prices by Yen 500/mt for 3 of its works, for deliveries beginning September 27.

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Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.85) and a low price of CNY 830.00 ($135.22) per dry metric ton. The price of Chinese HRC was unchanged at CNY 3,030 ($493.65) per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,390 ($226.46) per metric ton.

The steel billet cash price saw essentially no change on the LME for the fifth day in a row, remaining around $450.00 per metric ton. For the fifth day in a row, the 3-month price of steel billet remained essentially flat on the LME at $455.00 per metric ton.

The 3-month price of the US HRC futures contract saw little price change on Thursday at $635.00 per short ton. The spot price of the US HRC futures contract saw little movement on Thursday at $639.00 per short ton.

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