South Korean major Hwan Steel has announced an increase in the purchase price of scrap recently. The company has decided to raise procurement prices for all grades by KRW 20,000/t ($17/t) from 5 Jan'22 to 15 Jan'22, as per Steel daily reports.
With this increase, the purchase price of heavy B scrap has risen to KRW 605,000/t ($505/t). The company has raised prices to stablise scrap supply-demand. This may push other local mills to raise their bids as well.
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