South Korea: Steel mills in southern region raise scrap purchase prices

• Hyundai Steel-linked suppliers raise prices
• Dongkuk Steel lowers official purchase prices

South Korea’s major steelmakers are set to revise scrap procurement prices across multiple grades.

• Busan and Gyeongnam regions saw scrap yard purchase prices rise by around KRW 30-40/kg ($20-27/t) across grades, driven by higher premiums offered by steel mills under contracts and special purchases.
• Heavy A scrap prices in Busan-Gyeongnam increased to about KRW 405-415/kg ($274-281/t), while some unit-volume contracts moved up to nearly KRW 430/kg ($291/t).
• Pohang region scrap prices edged higher or stayed firm, with Heavy A scrap assessed around KRW 420-430/kg ($-284-291/t), slightly above southern region levels.
• Seoul metropolitan area recorded mild scrap price increases, with Hyundai Steel-linked suppliers raising prices by about KRW 10/kg ($0.1/t)across scrap grades.
• Daegu/Gyeongbuk scrap prices were largely flat to slightly higher overall, despite Dongkuk Steel lowering official purchase prices, as spot market levels held steady.
• Central regions showed no change in scrap prices, with Hyundai Steel, Hwanyoung Steel, and SeAH Besteel keeping purchase prices unchanged.