South Korean steel manufacturer Dongkuk Steel will suspend operations at its Incheon plant from July 22 to August 15, according to the company’s announcement on May 26. This will be the first shutdown for the facility, an important production hub accounting for around 40% of Dongkuk Steel's annual sales and capable of producing 2.2 million tons of rebar yearly.

Due to oversupply and weak market demand, the temporary halt is expected to reduce rebar supply by approximately 200,000 tons.

Dongkuk Steel had already scaled back night operations at the Incheon plant. The company will reassess market conditions in August and could extend the shutdown if oversupply continues.