South Korea: Major steelmakers reduce scrap purchase prices before Kanto tender

South Korea’s mills have announced fresh reductions in scrap procurement prices as supply conditions ease. Korea Special Steel will cut purchase prices for all scrap grades by KRW 10/kg ($7/t) from 12 February, while Daehan Steel will lower prices by KRW 10/kg ($7/t) from 19 February, marking its second cut this month. YK Steel will also implement a KRW 10/kg ($7/t) reduction effective 19 February.