Korean domestic scrap prices decline

SEOUL (Scrap Monster): According to sources, South Korean domestic scrap prices have declined sharply after several mini-mills announced deep cuts in scrap buying prices.

Steelmakers including Dongbu Steel and Korea Iron and Steel had reduced the scrap purchasing prices by Won 10,000/mt for all grades. The cut in prices is already in effect from yesterday onwards.

Posco has announce cut in purchasing prices of various grades of scrap in the range from Won 10,000/mt to Won 15,000/mt effective today. The price cuts will be applicable for all scrap deliveries at its Pohang and Gwangyang steel works.

Furthermore, Hyundai Steel has announced its decision to lower the scrap purchasing prices at its Incheon, Pohang and Dangjin works by Won 10,000/mt effective October 27th.