South Korea: Hyundai Steel puts domestic scrap purchase bids on hold

Hyundai Steel has postponed its purchase bids for domestic scrap for the Incheon and Dangjin steelworks which were supposed to be placed on 29 Jan’22, as per a SteelDaily report. The reason for the postponement is expectation of a rise in scrap prices in the retail market as well as tight availability. The price of steel scrap is likely to rise further in Feb.