South Korea’s Hyundai Steel will suspend operations at its Incheon rebar plant for one month starting in April amid falling prices and weak construction demand, according to local media citing industry sources.
The company notified employees of the temporary shutdown as rebar prices dip below the breakeven level of KRW 700,000 (USD 477) per ton. Prices for standard SD400 10mm rebar currently stand at KRW 672,000 (USD 458) per ton, the lowest since November 2020, despite the typically strong March construction season.
Hyundai Steel has previously reduced output through extended maintenance and unplanned repairs.
Other Korean steelmakers are also scaling back. Dongkuk Steel will suspend rebar sales from March 27 through the end of the month and has warned it will hold off April shipments unless prices exceed KRW 750,000 (USD 511) per ton.
Daehan Steel paused sales on March 15, followed by Korea Steel on March 17. Korea Steel and Hwan Young Steel plan to run at 50pct capacity in April, while YK Steel will suspend shipments until early next month.
1 USD / 1,467 KRW