South Korea: Major mills hike scrap procurement prices by up to $7/t

South Korea’s major steelmakers will raise steel scrap purchase prices from 4 Feb’25. Dongkuk Steel (Incheon), Hyundai Steel (Incheon, Dangjin), Hwanyang Steel, and SeAH Besteel will increase prices by KRW 10,000/t ($7/t), with Hyundai rolling back from 13 Feb. POSCO will hike prices by KRW 10,000/t ($7/t) at Gwangyang and KRW 5,000/t ($3/t) at Pohang from 5 Feb.