South Korea’s leading steel producers, including POSCO at its Gwangyang and Pohang plants, Dongkuk Steel in Incheon and Pohang, as well as SeAh Besteel and Welcome Steel, have announced plans to decrease scrap prices by KRW 10,000/t ($7/t) effective from 28-29 Mar’24. It’s worth noting that on 21 Mar’24, the mills had already implemented a reduction of approximately KRW 10,000/t ($7/t).
