South Korea: Major steel mills to cut scrap procurement prices

South Korea’s major steelmakers are set to reduce scrap purchase prices amid weak market conditions. Hwanyang Steel Industry will cut prices for all scrap grades by KRW 10/kg ($7/t) from 12 Jul’25. Daehan Steel and YK Steel will implement the same KRW 10/kg ($7/t) reduction across all grades, starting 15 Jul’25. Korea Special Steel will also trim purchase prices by KRW 10/kg ($7/t) from 15 Jul’25.