S. Korea, China agree on new shipbuilding plate price

South Korean shipbuilders and Chinese steel mills have reportedly completed the negotations on the shipbuilding plate price for exports from China to S.Korea in the fourth quarter. Chinese mills raised the shipbuilding plate price by $10/mt according to S. Korean sources. The level of the new price has not been reported, but it is thought to be $610/mt FOB for October-December shipments. Meanwhile, South Korean shipbuilders could not reach an agreement with Japanese mills yet. Japanese mills are insisting for $100/mt increase to $680/mt FOB. It is reported by Japanese media that the delay in agreement will restrict Japanese shipbuilding plate supply to S. Korea at least for the first half of October.