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Tokyo Steel reduces product prices for March shipment

Bloomberg reported that Tokyo Steel Manufacturing Co will reduce product prices for March 2009 contracts and extend production cuts into April 2009. Mr Naoto Ohori MD of Tokyo Steel said that prices will drop by between JPY 3,000 a tonne and JPY 10,000 a tonne.  He added that it will extend its 50% production cuts for January to March 2009 period into April 2009.

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