South Korea: Major steel mills to revise scrap procurement prices

South Korea’s major steelmakers will cut scrap procurement prices. POSCO’s Gwangyang plant will reduce prices by KRW 10/kg ($7/t) from 18 Sep’25, followed by SeAH Besteel from 20 Sep. On 22 Sep, POSCO’s Pohang plant, Daehan Steel, and YK Steel will apply cuts, excluding certain grades at Pohang. Dongkuk Steel’s Incheon plant will follow on 23 Sep, and Hyundai Steel’s Pohang plant on 25 Sep.