South Korea: Hyundai Steel, Hwanyang Steel to reduce scrap procurement prices by $7/t

Major South Korean steel mills are set to reduce their scrap procurement prices by KRW 10,000/t ($7/t) for all grades of ferrous scrap. Hwanyang Steel has announced a price reduction of KRW 10,000/t ($7/t), effective from 17 Oct’24. Similarly, Hyundai Steel’s Pohang plant will also reduce its scrap purchase prices by KRW 10,000/t ($7/t) for all grades, effective from 19 oct’24.