South Korea: Major steel mills cut scrap procurement prices by $8/t

Major South Korean steel mills are set to reduce their scrap procurement prices by KRW 10,000/t ($8/t), effective from 7 Oct’24. Dongkuk Steel has announced a reduction in steel scrap purchase prices for all grades by KRW 10,000/t ($8/t). Similarly, Hyundai Steel’s Incheon plant and Welcome Steel will also reduce their scrap purchase prices by KRW 10,000/t ($8/t) for all grades.