South Korea: Major mills reduce scrap procurement prices by up to $10/t

Major South Korean steel mills, including Dongkuk Steel’s Pohang plant, will reduce the purchase prices of most grades of ferrous scrap by KRW 10,000/t ($7/t), effective 11 Dec’24. However, prices of lightweight and shelf items will be cut by KRW 15,000/t ($10/t). Daehan Steel and YK Steel will implement the same reduction from 9 Dec’24, while Hyundai Steel’s Incheon and Dangjin plants will follow suit from 10 Dec’24.