Korea and Japan launch price surge in Asia

Korea and Japan launch price surge in Asia

Korean and Japanese steel producers are behind the latest price surge in Asia as they continue to raise prices on their major products. Most steel products are experiencing an upsurge as a result of a number of recent price hikes. On May 17, Korea's POSCO announced a W15,000 per ton price hike on wire rods used in cords in auto tires, bolts and nuts from the previous W325,000 to W340,000 per ton, effective June 1. The firm also raised prices on plate products by W20,000 per ton at the beginning of May. The products included are cold-rolled sheets, hot-rolled plates, galvanized plates and thick plates for shipbuilding and construction. Part of the reason for the surge, analysts report, is due to Japanese steel companies demanding Korean importers pay sky-high prices. Kawasaki Steel just requested a rise of $20-30 per ton for its slabs and cold-rolled plates for July and August delivery to Korean importers that include Hyundai Hysco and Dongkuk Steel.