Dongkuk Steel Mill announced on the 19th that it will extend the suspension of general rebar shipments, which began on the 14th, until the 30th. The previous deadline was the 22nd.

The reason for extending the suspension is the low distribution price of rebar. The current market price for rebar is around 780,000 won per ton, which is similar to Dongkuk Steel Mill's production cost.

Rebar products are stacked at the Dongkuk Steel Mill Incheon plant's rolling mill. /Courtesy of Kwon Oh-eun.

As the slump in rebar demand continues, Dongkuk Steel Mill announced that it will suspend production at its Incheon plant (two rolling mills and two steelmaking facilities) for one month starting in July. A representative from Dongkuk Steel Mill noted, “We will assess the market situation in July to decide whether to extend the shipment suspension.”