POSCO hikes steel prices by 9 pct- 22 Jun 10

The Maeil Business Newspaper reported that POSCO plans to raise steel prices by around 9% per tonne this week from July.

As per report, POSCO plans to raise prices of benchmark hot rolled coil prices by KWR 70,000 per tonne to KWR 80,000 per tonne from the current KWR 850,000 per tonne (USD707).

The paper quoted an unnamed POSCO official as saying that “It is inevitable to raise steel prices due to higher input costs and a weaker won.”

POSCO last raised steel prices in May by a quarter as it was forced to accept the pricing of raw materials from a quarterly fixing compared with an annual benchmark system previously.

Jun 22, 2010 09:41
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