South Korea: Major steel mills cut scrap procurement prices

South Korea’s major steelmakers have lowered scrap purchase prices amid subdued demand. SeAH Changwon Special Steel cut prices for steel scrap and heavy steel by KRW 10/kg ($7/t) from 25 Jun’25. Korea Special Steel and Korea Iron and Steel will implement KRW 10/kg ($7/t) cuts across all scrap grades starting 26 Jun. Hwanyang Steel will follow with a KRW 10/kg ($7/t) reduction from 28 Jun.