South Korea’s domestic ferrous scrap market declined further this week. Each electric steelmaker in the near orsurrounding Busan area, which is south part of South Korea, such as Kisco, YK Steel, and Korea Steel Shapes, andSeAH Besteel, which is a special steelmaker located at Gunsan, which is midwest part of South Korea, reduced apurchase price of domestic ferrous scrap by W 10,000 or around Y 1,000 in major items from April 11. The price reductionis implemented from today or April 12 by Daehan Steel and Incheon Works of Dongkuk Steel, and from April 13 by 3bases of Hyundai Steel, such as Incheon, Dangjin, Pohang Works. The price reduction of each electric steelmaker spreadthis week in South Korea. The decline of the domestic market in South Korea continues for 2 straight weeks.
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