South Korea: Major steel mills cut scrap procurement prices by up to $8/t
Dongkuk Steel announced a reduction in steel scrap purchase prices starting 4 Oct'24. It will cut prices for heavy and light A scrap grades by KRW 15,000/t ($11/t) at its Pohang plant, along with a KRW 10,000/t ($8/t) decrease for pig iron. Korea Iron and Steel will lower scrap prices by KRW 10,000/t ($8/t) effective 7 Oct, with a smaller reduction of KRW 5,000/t ($4/t) for lightweight steel.