South Korea: Major steel mills cut scrap procurement prices

South Korea’s major steelmakers reduced scrap purchase prices, with Taewoong trimming rates by KRW 10/kg ($7/t) for all grades effective from 1 July, except for lightweight products. SeAH Changwon Special Steel will follow on 2 July, reducing prices by KRW 10/kg ($7/t) for all grades, excluding lightweight items. Korea Special Steel will implement a similar KRW 10/kg ($7/t) cut across all scrap grades from 4 July.