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Biz News Korea(Eng)
S. Korean steel makers readying to up steel selling prices
- Collected
- 2017.01.06
- Distributed
- 2017.01.09
- Source
- Go Direct
According to steel industry sources on Tuesday, the country’s biggest steel maker Posco is planning to raise the prices of its hot-rolled steels sheets used largely for automobiles and electronic appliances and thick steel plates for shipbuilding by 120,000 won ($100.54) per ton. The selling price for galvanized steel products used to make pipes and other construction equipment would be upped by about 100,000 won per ton. Hyundai Steel, the country’s second largest steel maker, also is readying to increase prices for hot-rolled steel and cold-rolled steel and thick plate products.
Posco would be incrementally raising prices from this month to reflect higher coal and other raw material prices, an official said. Rises in Chinese steel products also have prompt actions, a Hyundai official said.
The price of raw materials like iron ores and coals used for producing steel products shot up last year. According to Korea Resource Corp.’s information system, the iron ore price escalated to $80 per ton recently from $40 per ton in January 2016. The price of coals that hovered around $100 per ton until August last year sprang up to $300 per ton. It remains around $230 per ton.
By Moon Ji-woong
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]