Leading South Korean Steel producer Hyundai Steel has reduced domestic scrap purchase price for its Pohang unit by 10,000-15,000 won ($8-13) per tonne, with effect from 10 Sept’21. After the reduction, Hyundai Steel’s scrap buy price stands at 560,000 won/t ($481), as per Steel Daily reports. The steelmaker had earlier slashed scrap purchase prices for its Incheon and Danglin units by similar levels. Hyundai’s Pohang unit has an EAF with capacity of around 1.36 mn t/year and the scrap requirement at the plant is estimated at 1.5 mn t/year.
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