South Korea: Major mills raise scrap purchase prices amid firm sentiment
South Korea's major steel mills raised scrap purchase prices by KRW 10-15/kg ($7-10/t), supported by competitive buying activity and tight domestic scrap supply. Some buyers also opted to pay a premium over list prices for the same reason.Hyundai Steel raised scrap purchase prices at its Incheon and Dangjin plants by KRW 10-15/kg ($7-10/t), while POSCO increased prices by KRW 10/kg ($7/t) for most grades and KRW 15/kg ($10/t) for lightweight compressed and guillotine scrap from 5 May. SeAH Besteel, Korea Steel, Korea Special Steel, and Dongkuk Steel also announced KRW 10/kg ($7/t) hikes through special purchase programmes effective from 7 May.