Dongkuk Steel ups steel plate prices

Dongkuk Steel Mill Co., South Korea’s third-largest steelmaker, plans to raise the price of steel plates used in shipbuilding. The steelmaker said the price of steel plates will be raised to 685,000 won ($741) from 635,000 won from May 15.

In October, Dongkuk Steel raised the price of the product by 8%, citing a rise in prices of steel slabs. The steelmaker produces around 1.5 million tones of steel plates for ships annually, while POSCO, the world’s third-largest steelmaker, makes 2.5 million tonnes.

South Korea’s shipbuilders buy around 6 million tonnes of steel plates each year from local and foreign steelmakers.