South Korea: Major mills trim scrap procurement prices by up to $10/t

Major South Korean steel mills will reduce scrap procurement prices. Dongkuk Steel’s Incheon plant will reduce prices by KRW 10,000/t ($7/t) for all grades from 14 Dec’24. Korea Special Steel will implement a similar cut from 16 Dec’24, with lightweight compression B seeing a larger reduction of KRW 15,000/t ($10/t). SeAH Besteel will bring down prices by KRW 10,000/t ($7/t), effective 12 Dec’24.