Korean shipbuilders face another steel price hike

Korean shipbuilders are facing another steel price hike of imported thick steel plate from Japanese steel makers. Japan is seeking a $200 per tonne increase in the price of thick steel plates from fourth quarter this year and first quarter next year.

Imported thick steel prices from Japan to Korea were $340 per tonne until the first quarter this year but increased to $420 during the second quarter and to $450 during third quarter.