South Korea: Steel majors raise automotive steel prices for first time in four years

South Korean steelmakers have raised prices of automotive steel for the first time in four years. POSCO, the country’s largest steelmaker and Hyundai Steel Co., the second largest, have reached a deal with Hyundai Motor Co. and Kia Corp. to raise the price of automotive steel to 50,000 won per tonne ($45/t), as per latest reports. About 30% of Hyundai Steel’s overall sales are direct steel sheet sales to Hyundai and Kia. Increasing steel prices are meant to reflect increased costs of the key steelmaking ingredient-iron ore.