It is reported that South Korean mills are negotiating about the import price of hot rolled coil for March 2012 with other countries. Market sources believe that Chinese and Taiwanese mills have boosted their offer prices by around USD 30 per tonne to USD 680 per tonne C&F.

However, they could not expect if South Korean buyers such as Hysco and POSCO would accept the latest prices because South Korean mills seem not to restart the negotiation of steel export. Those mills would suspend the steel shipment from other countries before solving the problem of excess order in the Q1 of 2012.

South Korean mills also attempt to cut their discounts to lift domestic steel prices, boosting the price to around USD 711 per tonne.

(Sourced from www.yieh.com)