Major South Korean steel mills, including SeAH Changwon Special Steel, reduced purchase prices of all grades of steel scrap by KRW 10,000/t (approximately $7/t), effective 26 Nov’24. Dongkuk Steel’s Pohang plant will implement the same price reduction from 29 Nov’24.
The price cut is driven by weak demand, falling rebar prices, and low expectations for a market recovery, especially as the year-end off-season approaches.
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