South Korean steelmaker Hyundai Steel has increased its long product prices.
Accordingly the company has increased its rebar prices by KRW 50,000/mt ($48/mt), effective with shipments as of July 25, while it will raise its section prices by KRW 20,000-30,000/mt ($19-29/mt), effective with shipments as of the start of August.
Thus, Hyundai Steel's ex-factory price for 10 mm high tensile strength steel rebar has increased from the current level of KRW 800,000/mt ($761/mt) to KRW 850,000/mt ($808/mt), based on cash payment.
Hyundai Steel said that it has decided to increase its prices due to the surging prices for steel scrap. However, it seems that there will be strong resistance from constructors to the price hike.
$1 = KRW 1,052