SEOUL, Dec. 16 (Korea Bizwire) – POSCO Co., South Korea’s leading steelmaker, and local rivals are moving to raise steel prices in tandem with a rise in the prices of raw materials, industry sources said Friday.
According to the sources, POSCO plans to raise hot-rolled steel plates by 120,000 won (US$102) per ton next month, with the prices of its cold-rolled steel products expected to be hiked by at least 100,000 won per ton.
The price of hot-rolled steel products currently stays at 700,000 won per ton. Following POSCO’s price hike, Hyundai Steel Co. and Dongkuk Steel Mill Co. are likely to follow suit, the sources said.
The planned steel price hike came as the global prices of iron ore, a key material for steelmaking, have surpassed the $80 level per ton, with the prices of coal staying at $310 per ton in November, the highest since 2011.