- Hot-rolled steel prices rise by aound KRW 30,000-40,000/t
- Anti-dumping, tight supply and raw material costs push prices higher
Steel Daily: The two leading domestic blast furnace producers are continuing their push to increase hot-rolled steel supply prices in April, following the upward revisions seen in March 2026.
According to industry sources, POSCO and Hyundai Steel are reportedly planning to increase hot-rolled steel prices by around KRW 30,000-40,000/t ($20-27/t) for major distributors and customers in April.
Following earlier price hikes by POSCO in March and Hyundai Steel during February-March, both producers appear to be sustaining an upward pricing trend in the first half of the year, supported by ongoing cost pressures.
Market prices are reflecting this uptrend, maintaining a steady upward trajectory. Genuine hot-rolled steel, which was priced at around KRW 800,000/t ($531/t) at the beginning of the year, has climbed to approximately KRW 860,000/t ($570/t) as of mid-to-late March 2026, with some suppliers quoting as high as KRW 880,000-900,000/t ($584-597/t).
Prices of import substitutes have also surged, rising from around KRW 750,000 ($498/t) at the beginning of the year to around KRW 860,000 ($570/t), thereby quickly narrowing the gap with genuine steel.
A retail industry official noted that prices are increasing w-o-w amid tightening market supply and ongoing inventory replenishment demand. However, pricing trends remain mixed, as significant price variations across companies, driven by differing inventory positions, continue to influence views on appropriate distribution price levels.
Meanwhile, the price increase is being driven by a combination of anti-dumping measures, constrained supply, and firm raw material costs.
Supply availability is expected to remain constrained, as major blast furnace operators, including Hyundai Steel and POSCO, are set to continue their scheduled maintenance activities in the second quarter following the first. As a result, tight supply-demand conditions are likely to persist in the near term.
Shifts in the supply-demand dynamics have also contributed to the upward pressure on prices. After the anti-dumping (AD) investigation into hot-rolled steel imports from China and Japan began in March 2025, import volumes declined sharply following the imposition of provisional duties in September 2025. Although the availability of low-cost inventory imported prior to the investigation initially restrained price increases, prices have gradually trended upward as a significant portion of this volume has been absorbed this year.
Raw material costs are further contributing to price increases. Iron ore prices dipped to around $100/t level at one point in February but rebounded above $110/t by mid-March, while coking coal prices have remained elevated compared to the previous quarter.
Overall, the market anticipates that the upward price trend will persist in the near term, supported by the combination of reduced supply and increasing costs.
Note: This article has been published in accordance with a content exchange agreement between Steel Daily and BigMint.
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