Tokyo Steel slashing ferrous scrap prices

Nov 06, 2008 | 10:11 AM |

Tokyo Steel Manufacturing Co. Ltd., Japan's biggest electric-arc furnace operator, said it is cutting ferrous scrap purchase prices further and halting steel exports to Asia amid the worsening economic crisis.

The Japanese steelmaker is cutting its scrap purchase prices to between 11,000 and 12,500 yen ($112 to $127) per tonne and said further cuts may be in the offing. ....

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