South Korea’s POSCO stopped buying scrap due to weak market demand
According to a notice from POSCO, one of the leading steel producers in South Korea, said it would suspend the purchase of scrap from April 13 and the market is expected to be about 2 months.
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After COVID-19 broke out, domestic steel demand fell sharply, putting pressure on most steel producers, including POSCO.
As known, the daily volume of scrap purchased from POSCO is about 4,000 tons, which will significantly affect the domestic scrap market in Korea.
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