Last week, SD400, 10mm quality rebar prices in South Korea were recorded in the range of 596-613 USD. These levels indicated the highest prices in the last 6 months.
HMS 2 scrap saw a flat picture for the past week. Hovering between 314-317 USD, prices have been stable with slight fluctuations since May.
The price of 62% Fe iron ore fell below 100 USD last week, parallel to the global markets, and was traded at 90 USD on September 6.
HRC prices also had a generally flat week. Prices were in the range of 640-646 USD last week.
Finally, H-beam, which followed a different course from other products, continued its upward trend and closed at 839 USD on September 6.
South Korea’s steel industry is facing challenges such as a slowdown in construction activity, increased competition from Chinese exports, and falling procurement prices. According to data from the Korea Iron and Steel Association, South Korea imported 7.883 million tons of steel in the first half of 2024, 60% of which, or 4.725 million tons, was Chinese steel. In response, the Korea Trade Commission announced on September 6, 2024, that an anti-dumping investigation into China’s stainless-steel plate had been launched.
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