POSCO to increase price of key steel products

South Korean steelmaker POSCO disclosed that it would increase prices of key steel products up to 8.3 percent in July due to the more expensive iron ore imports and higher international steel prices. POSCO stated that starting from July 13, the price for hot rolled coil produced from blast furnaces would be lifted from Won 480,000/ton ($501.3) to Won 520,000/ton ($543.2). The price for hot rolled steel produced from mini-mills will rise from Won 470,000/ton ($490.6) to Won 500,000/ton ($521.8). The company will also increase the price of cold rolled coil from Won 580,000/ton ($605.6) to Won 600,000/ton ($626.4).