The Korea Iron & Steel Association has joined European and Chinese steel bodies to oppose recent raw material price increases, proposed quarterly pricing revisions, and a possible joint venture between two major iron ore miners.

South Korea's steel industry body, whose members include POSCO, said in a statement on Monday that “Raw material price rises will lead to steel product price increases, which will be an unavoidable cost burden for the automobile and shipbuilding industries.”

The South Korean and Japanese governments on Tuesday would hold their 11th steel meeting in Tokyo to discuss industry issues, including recent iron ore and coking coal price rises.