“The situation has changed compared to before the Obon holidays,” said the procurement manager of a major electric furnace manufacturer. On the 21st, Tokyo Steel announced a price reduction of 500 to 1,000 yen per ton for steel scrap purchases at all factories and for all grades. As a result, the H2 base price at the Tahara, Okayama, Kyushu, and Utsunomiya plants dropped to 46,500 yen per ton, the lowest since mid-December 2022.

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