South Korea: Major mills hike scrap procurement prices by $7/t

Major South Korean steelmakers, including POSCO, Taewoong, Korea Iron and Steel, and SeAH Changwon Special Steel, have raised steel scrap purchase prices by KRW 10,000/t ($7/t) for all grades. The hike takes effect from 10 Jan’25 at POSCO’s Gwangyang and Pohang plants, Taewoong, and SeAH Changwon, while Korea Iron and Steel will implement the increase during a special purchase period over 11-18 Jan’25.