South Korea: Major steel producers set to lower scrap prices

South Korea’s major steelmakers are set to reduce scrap procurement prices across all grades. Korea Iron and Steel will lower its purchase price by KRW 10/kg ($7/t) starting from 25 Sep, followed by Korea Special Steel, which will implement the same reduction on 26 Sep . However,Hwanyoung Steel will also cut prices by KRW 10/kg ($7/t) from 29 Sep.