Due to rising costs, major Korea steel mills raised their domestic coil prices.

Pohang and Hyundai Steel raised the price of rebar in December again. Posco’s price in December for Posco was raised by 30,000 won/ton (US$25/ton), and Hyundai Steel was raised by 50,000 won/ton (US$42/ton). Both steel mills raised the prices of coiled coils for three consecutive months, and they have cumulatively raised 70,000-80,000 won/ton and 90,000 won/ton respectively.

Currently, Pohang SS4003.0mm HRC and Hyundai Steel SPHC 4.5mm HRC are offered at KRW 576-628,000/t ($484-526/t).

Hyundai Steel stated that although the buyer resisted price increases, raw material costs rose and prices had to be raised, even considering reducing delivery to dealers to consolidate price increases.

From January to September, the production volume of Pohang and Hyundai Steel coils reached 9.69 million tons, including 7.3 million tons in Pohang, up 2.2% year-on-year, and 2.39 million tons in Hyundai Steel, down 11.5%.

Hyundai Steel also increased the price of cold rolled coils and hot-dip galvanized sheets by 30,000 won/ton (US$25.3/ton). After the price increase, the prices of cold coils were approximately 690,000 to 700,000 won/ton (US$583-592/ton). The price of hot dip galvanized sheet is about 79-80 million won/ton ($668-675/ton). Pohang and Dongguo Iron and Steel have not yet followed the price increase.

Xinyue Steel has a stable price for steel coil for now, if you are interested in coils, feel free contact us anytime.