South Korea: Hwan Steel announces steel scrap price hike, delivery suspension for Chuseok holiday

South Korea's Hwan Steel will increase the purchase prices of all steel scrap by KRW 10,000/t ($7/t), starting 20 Sep'24. Heavyweight items (A-Premium, B-Standard, MB-Mixed Bundle) will see an additional KRW 10,000/t ($7/t) rise until 5 Oct'24. This marks the first official price increase in about eight months, excluding special or contract deals. Additionally, deliveries will be suspended from 16 Sep'24 to 19 Sep'24 for the Chuseok holiday.