South Korean steel producer Dongkuk Steel will halt rebar production at its Incheon plant from July 22 to August 15.

According to local media reports in South Korea, due to the decline in demand caused by the construction industry downturn, South Korean steel producer Dongkuk Steel will halt rebar production at its Incheon plant from July 22 to August 15, which is expected to reduce production by 200,000 mt. The Incheon plant has an annual rebar production capacity of 2.2 million mt, and its products account for approximately 40% of Dongkuk Steel's sales. Dongkuk Steel stated that despite reducing its capacity utilisation rate to 50% and switching to night-time operations to cut costs, it has been unable to maintain normal production operations amid long-term supply surplus issues and rising costs such as electricity. The company will monitor market conditions and may further extend the production halt if the supply surplus persists.