• Bloomberg

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Tokyo Steel Manufacturing Co., Japan’s biggest steel maker from scrap iron, cut all of its monthly contract prices for the first time in almost a year as China’s overcapacity hurt its exports.

The October price of H-beams used in building was cut to ¥70,000 ($582) a metric ton, or 9 percent lower than September, the company said Tuesday at a briefing in Tokyo. Hot-rolled coil was trimmed to ¥53,000 a ton, from ¥63,000 a ton. It was the first reduction since November last year.

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