POSCO allows imports for its service centers

POSCO allows imports for its service centers

South Korean giant steel maker Pohang Iron and Steel (POSCO) has decided to effect some imports of HRC and plate for its service centers this year. For the first quarter of year 2003, 56'000 mts of HRC and 34'500 mt of plate will be imported. For last two and a half years, POSCO service center complained to Posco that their competing stockists, who are not registered POSCO service centers, are enjoying the freedom of importing lower priced HRC and plates, making a profit accordingly while POSCO does not allow its service centers any freedom of importing these products unless there is a shortage. As a latest development in this respect, POSCO admitted that it cannot provide all the tonnages required by its registered service centers and has arranged for the POSCO service center for the fourth quarter importation of 25'000 mt of HRC from NSC and Tokyo Steel. POSCO decided last week that, it will allow certain tonnage of hot rolled coils and plates to be imported by POSCO service centers. Price expectations are however pretty low with $260/mt for coils and $280/mt for plates.