[Korea] Scrap Metal Prices Slide Further; Mills Cut Rates Amid Surging Supply

Published: Jul 8, 2026 15:53

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[Korea] The downward trend in South Korea's scrap metal market continued, and some steel mills further cut prices this week. POSCO's Gwangyang plant recently announced a reduction of 5,000 KRW/tonne (approximately 3 USD/tonne) in steel scrap purchase prices, while the Pohang plant kept prices unchanged. Most South Korean steel mills intensively lowered prices in early July and this week, with some even scheduling reductions through late July. As panic selling in the market has increased supply, the price spread between domestic and imported steel scrap is expected to widen significantly.

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