South Korea: POSCO, SeAH cut scrap purchase prices amid improved supply

South Korea’s mills have announced fresh scrap price cuts as supply improves. POSCO paused its KRW 10/kg ($7/t) transport subsidy at Gwangyang from 14 Feb, effectively reducing purchase prices. The subsidy was introduced in January to help cover delivery and logistics costs to Gwangyang Steelworks. SeAH Changwon Special Steel will also cut prices by KRW 10/kg ($7/t), with deeper reductions on certain grades.