South Korea: Major steel mills to cut scrap procurement prices by KRW 10,000/t ($7/t)

South Korea's primary steel manufacturers, including POSCO with its Gwangyang and Pohang mills, as well as Daehan and YK Steel, have chosen to decrease scrap procurement prices by KRW 10,000/t ($7/t), starting on 4-5 Apr'24. Similarly, Dongkuk, Hyundai, and Welcome Steel have also announced plans to implement a KRW 10,000/t ($7/t) cut in scrap purchase prices, effective from 10-11 Apr'24.