Amid the recent rise in raw material prices, South Korea’s price of steel products including an iron bar is to increase. According to industry insiders on Monday, Hyundai Steel has decided to raise its steel prices centering on long products and apply price increases from on February 2.

Consequently, other local steelmakers are expected to raise the prices to their steel products.

Hyundai Steel will increase one tonnage of iron bar by 50,000 won (or
$43.48) and one tonnage of shape steel by 40,000 won. The steelmaker
had been supplying its 13mm-high tension bar at 681,000 won after
cutting the standard price of the bar to 721,000 won from 771,000 won
in November 2009. But the steelmaker is to remove the discounted rate
and raise the standard price through the upcoming price adjustment.

The price of H-shaped steel will also climb around 40,000 won with a
discount adjustment. A price of hot-rolled steel sheets, which has not
been decided yet, is expected to soar about 30,000 won to 40,000 won.

Hyundai Steel, holding 35 percent in the domestic iron bar market, has
been largely affecting a price-fixing of other local steelmakers.

Source: Maeil Business Newspaper

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