Tuesday, January 22, 2008

Posco raises steel prices

The worlds fourth largest steelmaker based in South Korea said on Tuesday it will raise its hot-rolled steel prices by 11.5 percent, after other regional steel makers raised their prices.

The widely expected price increase would be the steel maker's first for hot-rolled steel, POSCO's key product, since July 2006.

Prices of hot-rolled steel will be raised to 580,000 won ($609) a tonne, up 60,000 won, effective from Feb. 1.

The South Korean steel maker also plans to raise cold-rolled steel prices by 65,000 won, or 10.8 percent, to 665,000 won a tonne.

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