POSCO ups steel prices

POSCO, Korea’s largest steel maker, will raise prices of steel plates used for shipbuilding for a third time this year because of rising demand. Prices will increase by 9% to $477 per metric ton on July 5. This will take the total increase for this year to 38%.

“Demand for ship steel plates is continuing to grow,” said a POSCO spokesperson. “There is also a price gap between our products and Dongkuk Steel’s and Japanese import prices.” Steel prices have risen mainly because of higher demand from China, which used 36% of the world’s steel last year. Spot prices of hot-rolled steel imported by China, used as an Asian benchmark, rose 59% to $440 per ton during the past year, according to Metal Bulletin.