By Paul Ploumis 08 Jul 2015 Last updated at 02:19:27 GMT

TOKYO (Scrap Monster): The country’s top electric steel producer- Tokyo Steel Manufacturing has decided to cut purchasing prices of entire range of ferrous scrap delivered to its various works. According to company website, the purchasing prices are being reduced by ¥ 500/ton effective Wednesday, July 8th, 2015.

This is the third round of cuts being announced by the company during this month. Earlier on July 1st and July 4th, the company had lowered the scrap purchasing prices by ¥ 500/ton each. Tokyo Steel has lowered scrap purchasing prices by ¥ 1,500/ton so far this month.

Post cut, H2 scrap purchasing prices at various works averaged between ¥ 23,000/ton and ¥ 24,500/ton.

The scrap purchasing prices at Okayama works in Western Japan will be cut by ¥ 500/ton to ¥ 23,500/ton and those in Kyushu works in Western Japan will be ¥ 24,500/ton.

Tokyo Steel’s scrap purchasing prices in Tahara works in Central Japan will be ¥ 24,500/ton, while those in Takamatsu steel center on Shikoku Island will be reduced ¥ 500/ton to ¥ 23,000/ton.

The scrap purchasing prices at Utsunomiya works in north of Tokyo will now be ¥ 24,500/ton.