As reported on 20 August, South Korea's largest steelmaker has confirmed that there has been a reasonable price increase for sale of SBQ plates to South Korean shipbuilders. According to local media reports major shipbuilders have agreed on a price of around KWR 1.1 million (USD 950) per tonne, a jump of almost 60% from around KWR 700,000 per tonne, for buying steel plates in the second half of 2021. The major domestic shipbuilders that negotiated with Posco were Korea Shipbuilding & Offshore Engineering, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries. Following Posco, smaller steelmakers like Hyundai Steel and Dongkuk Steel are expected to raise their steel plate price. Steel plates account for about one-fifth of shipbuilding costs and steel makers conclude separate deals with shipbuilders over prices of steel plates every half-year. Korean shipyards achieved more than half of their annual target in the first half. Korea Shipbuilding & Offshore Engineering, the world's biggest shipbuilder by order backlog, won new orders for 156 ships and two offshore plants worth a combined USD 13.8 billion, accomplishing about 92 percent of its annual target of USD 14.9 billion. Korea Shipbuilding & Offshore Engineering is the holding company of three shipbuilders Hyundai Heavy Industries, Hyundai Samho Heavy Industries and Hyundai Mipo Dockyard. Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries achieved more than 60% of their annual order target in the first half of the year.