Global Biz

ROK's top steel maker to raise prices

(Xinhua)
Updated: 2011-04-19 14:35

SEOUL - Republic of Korea (ROK)'s top steelmaker POSCO will raise prices of its steel products by 160,000 won ($146) per ton this week, local media reported Tuesday.

The price of hot-rolled plates will be increased to 1.06 million won per ton while cold-rolled plates will be lifted to 1.18 million won per ton, ROK's Yonhap news agency quoted POSCO as saying.

The price of steel plates for ships will also be hiked to 1.11 million won per ton from Friday.

"The matter is under discussion with client companies," an official at POSCO told Xinhua, but declined to comment in detail.

POSCO's price hikes are expected to prompt other local steelmakers such as Hyundai Steel, Hyundai Hysco and Dongkuk Steel Mill to pick up their product prices, driving up manufacturing costs in sectors of autos, ships, IT and construction.