Tokyo Steel has cut its scrap purchase charges for the first time since late October, confirming signs of a weakening price trend.

Japan’s largest mini-mill operator and effective benchmark price-setter has reduced its charges for deliveries of all grades of scrap to its Tahara plant by ¥500 ($5) per tonne and deliveries to its other four works by ¥1,000 per tonne. As a result, the company is now paying ¥34,500 per tonne for deliveries to Tahara; ¥34,000…