By  Paul Ploumis 05 Aug 2015  Last updated at  02:25:07 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 will be reduced by ¥ 500/ton effective Wednesday, August 5th, 2015.

The company had announced five rounds of cut during the month of July this year. The scrap purchasing prices were lowered by ¥ 2,500/ton during the month. This is the first cut announced by Tokyo Steel during the month of August.

Post cut, H2 scrap purchasing prices at various works averaged between ¥ 21,500/ton and ¥ 23,000/ton.

The scrap purchasing prices at Okayama works in Western Japan will be cut by ¥ 500/ton to ¥ 22,000/ton and those in Kyushu works in Western Japan will be ¥ 22,000/ton.

Tokyo Steel’s scrap purchasing prices in Tahara works in Central Japan will be ¥ 23,000/ton, while those in Takamatsu steel center on Shikoku Island will be reduced ¥ 500/ton to ¥ 21,500/ton.

The scrap purchasing prices at Utsunomiya works in north of Tokyo will now be ¥ 22,000/ton.