Steelmakers cut their domestic scrap purchase prices

According to SteelDaily reports, leading Korean steelmakers such as POSCO, Dongkuk Steel and SeAH Besteel are all reducing their scrap purchase prices by KRW 10,000/ton ($8/t). POSCO will reduce purchase prices for all grades from 24 November'21. Dongkuk and SeAH Besteel are also preparing to lower prices due to scheduled deliveries of previous deals and falling import scrap prices.