Shipbuilders ask POSCO to cut steel plate prices

Shipbuilders ask POSCO to cut steel plate prices

South Korean shipbuilders demanded that POSCO lower domestic prices of steel plates in order to protect the country's shipbuilding sector. The South Korea Shipbuilders' Association indicates that Japanese steel producers set their domestic prices much lower than export prices in order to protect Japan's shipbuilding sector. The association said that the Japanese steel producers' domestic steel plate price is currently equivalent to Won 550'000/ton ($531) while export prices are Won 700'000/ton ($676). On the other hand, POSCO responded that it provides steel plates at Won 680'000/ton ($656), cheaper than its main competitor, Dongkuk Steel.