Tokyo Steel Manufacturing Co. Ltd., Japan's biggest electric-furnace-based steel producer, has slashed its scrap purchase prices for the second time in less than a week.

All prices were cut by 1,000 yen ($11) per tonne late last week, and Tokyo Steel has now reduced prices by another 1,000 yen per tonne for deliveries to its Okayama, Kyushu and Takasago Works and by 1,500 yen ($17) per tonne for deliveries to its Utsunomiya plant.

Prices for the bellwether H2 grade now stand at 28,000 yen ($313) per tonne for Okayama, 27,500 yen ($307) for Kyushu and 27,000 yen ($301) for Takasago and Utsunomiya.

The price cuts come two weeks after the company...