S.Korea plans to manage steel scrap as strategic asset as prices surge

SEOUL, June 9 (Reuters) - South Korea plans to manage steel scrap from cars and abandoned buildings and structures as a strategic material, a government official said on Thursday, amid tight supplies and a price surge triggered by Russia's invasion of Ukraine.

Asia's fourth-largest economy is considering multiple ways, including an incentive system, to secure enough steel scrap, the official said. Prices have soared almost 40% since late February, according to research firm Fastmarkets.