September 08, 2008

Hyundai Steel to raise HR prices by 9.4%

South Korea's Hyundai Steel Co has decided to raise its hot rolled coil prices by 9.4% to reflect higher raw material prices.

As per report, starting from March 1st 2008, Hyundai Steel will raise the price tag to KRW 700,000 per tonne from the current KRW 640,000the second such hike so far this year.

Hyundai Steel in January raised hot rolled steel prices by KRW 60,000.

Hyundai said that the hike is unavoidable given the sustained price increase in key raw materials such as steel slab and scrap.