HYSCO and SeAH STEEL up GW pipe price from Jan.1

SteelOrbis Shanghai South Korean steelmakers Hyundai Hysco (HYSCO) and SeAH STEEL have decided to increase their prices for galvanized welded tube from January 1, 2007 by 8 percent. For 100A tube, HYSCO is planning to increase its price to 1.08 million Won/mt ($1,170.10/mt), while SeAH Steel will increase its price to 1.07 million Won/mt ($1,159.26/mt). In 2006, the two companies in question increased their product price three times - in January, May and August. Traders are worried about this increase trend. In November, the price increased 50,000-60,000 Won/mt (54.17 – 65.00USD/mt). So another eight percent increase will make it even harder for them to complete sales. The price of zinc has seen a continuous climb in recent times, leading to an increase in costs and forcing pipe producers to increase selling prices by an average of eight percent. Currently, the zinc price in South Korea is around $4,300-4,400/mt, $2,100/mt up compared with that of January.