Although local South Korean rebar producers and constructors settled their rebar price negotiations for January-March shipments over a week ago, rebar prices are still following a soft trend in the domestic market.
At present, domestic rebar prices are at the level of KRW 810,000/mt ($719/mt), which is much lower than producers' official price of KRW 841,000/mt ($747/mt). Prices for imported rebars have also dropped significantly.
Among the main factors for the weak price trend for rebars in the South Korean market, distributors cite large inventories of the products both at producers and distributors and also the seasonal cold weather which still makes it difficult for rebar demand to pick up.
$1= KRW 1.126