South Korean Steel Mills to Hike HR Prices
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South Korean Steel Mills to Hike HR Prices

Donga reported that South Korean steel industry has been notifying an increase in product prices one after another. According to the steel industry

Donga reported that South Korean steel industry has been notifying an increase in product prices one after another. According to the steel industry sources, POSCO is planning to increase the distribution price of hot rolled steel by 50,000 won per tonne (USD 46) in January and February, respectively. If the price increase becomes a reality, the cost of hot rolled steel will reach 800,000 won (USD 735) in four years after 2017.

Although some negatively interpret that it is a signal of a series of inflationary rises, most experts view it as an economic recovery signal. The steel industry, one of the representative feeder industries, is showing signs of recovery. As they gradually escaped from the blows caused by the spread of COVID-19, expectations for the recovery of the New Year’s real economy are growing. It is said that prices will rise as expectations that steel demand will increase this year due to increased automobile production and infrastructure investment.

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