Korean constructors buy Chinese rebar to lower prices

Korean constructors buy Chinese rebar to lower prices

According to recent news in the market, South Korean constructors have increased rebar purchases from China with the purpose of making pressure on local steel producers to lower their prices. In Korea, price of rebar is currently at the level of Won 540'000 ($463) while Chinese rebar price is Won 10'000-30'000 (approx. $8.5-25) lower than Korean price. According to the statistics, Construction Materials Purchase's Council of Korea has purchased 38'000 tons of rebar from China since the end of March. A Korean steel maker stated that, lowering prices will take some time as price of scrap iron for making rebar was fairly high when the material was bought.