Stocks at major South Korean steel mills rise

Steel mills in the central region held 536,000 tons of stocks, down 0.3% from the previous week. In contrast, stocks at steel mills in the southern region jumped 1.2% on the week to 477,000 tons.

Regarding production capacity, Dongkuk Steel cut its output by 0.7%, while Hwan Steel cut output further by 1.7%.

Market participants suggest that steel prices have potentially bottomed out. The combination of reduced inventories and favorable sentiment may allow prices to recover in the near future.