South Korea: Major steelmakers raise scrap purchase prices amid tightening supply

South Korea’s major steelmakers revised their scrap purchase prices upward amid tightening supply conditions in the domestic market. SeAH Besteel and POSCO announced KRW 10/kg ($7/t) hikes, effective 15 Jan. Hwanyoung Steel, Dongkuk Steel, and Hyundai Steel also implemented similar KRW 10/kg ($7/t) hikes from 14 Jan across their major plants, while Dongkuk’s Pohang mill lifted its shelf price by KRW 20/kg ($14/t).