It’s reported that Korean steelmaker Hyundai Steel announced to raise its rebar prices by KRW20,000/ton from August 14th, in order to reflect higher raw material costs, increase steel longs prices and tight supply.
It’s known that the scrap prices have surged in the Korean market. The prices of the US scrap jumped to US$370/ton currently from US$359/ton at end of May.
Besides, the Korean steelmakers have hiked prices of steel long products recently and they hiked the H beam prices by KRW20, 000/ton.
In addition, the Korean steelmaker initiated maintenance due to restriction on power supply in summer, causing rebar shortage.
Affected by these factors, Hyundai Steel decided to raise rebar prices.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=65789&division=A4
