Tokyo Steel cuts buying prices as Japan scrap market slumps

Nov 16, 2004 | 10:14 AM |

Weakening market conditions for ferrous scrap in Japan have prompted Tokyo Steel Manufacturing Co. to cut its buying prices three times in four days.

Scrapyard inventories have been rising due to the strength of the yen against the dollar, according to market sources. The yen's strength is preventing Japanese exporters from following the decline in global prices for ferrous scrap. As a result,....

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