[Korea] The downward trend in South Korea's scrap metal market continued, and some steel mills further cut prices this week. POSCO's Gwangyang plant recently announced a reduction of 5,000 KRW/tonne (approximately 3 USD/tonne) in steel scrap purchase prices, while the Pohang plant kept prices unchanged. Most South Korean steel mills intensively lowered prices in early July and this week, with some even scheduling reductions through late July. As panic selling in the market has increased supply, the price spread between domestic and imported steel scrap is expected to widen significantly.

Global scrap metal prices experienced a predominantly upward trend in mid-March 2026, with the most significant increases recorded in Turkey and the United States. In Turkey, HMS 1&2 80:20 scrap prices rose by 3.9% between late February and late March, reaching $388.3 per tonne, the highest level since mid-2024. The price surge is primarily driven by a domestic supply shortage and rising freight rates linked to Middle East instability, forcing electric arc furnace operators to absorb higher costs as high-grade alternatives like Asian billets become increasingly scarce.

In early 2026, both copper and scrap metal prices reached record highs with scrap copper wholesale price gains of EUR 15–20 per 100 kg in Germany before moderating slightly as market volatility increased.