South Korea's leading steelmaker Hyundai Steel will cut steel prices by 11 percent on the back of weakening international steel demand. This will be the steelmaker's second price cut within a month.
Accordingly, Hyundai plans to cut prices for rebar by 11 percent to Won 821,000/mt ($558/mt) and for H-beam by 11 percent to Won 970,000/mt ($660/mt), as of December 1.
Hyundai has stated that they "see little possibility of further reduction, as the Won has weakened and a series of global economic support measures are being announced."
Hyundai's previous price reduction took place from November 1 onwards - also the first price cut in a period of three years.