South Korean Rebar Spot Market Has Continued Falling Recently

It's reported that the South Korean rebar spot market has continued falling recently due to sluggish construction industry.

At present, the local steelmakers offered rebar with diameters of 10mm quoted at 690,000~700,000 won/ton, falling by 40,000 won/ton from the price in mid-October.

In fact, the industry sources previously forecasted that the South Korean rebar market would bottom out in mid-October; however, the rebar prices have kept falling due to weak demand.

Therefore, the South Korean steel mills will continued to reduce production until early next year in order to release the oversupply and to boost rebar prices.