South Korean steel-makers are ramping up capacity with an eye on growing domestic demand and stabilisation in global steel prices due to a drop in exports by China. Leading producers Posco and Hyundai Steel are either advancing or deferring repair schedules to maintain production as demand from the construction, automobile and shipbuilding sectors remains strong. Both steel-makers have decided to jack up HRC prices by KRW 50,000/t ($44.96) after successive increases in Jan-Feb’21. Government plans to build 836,000 new homes nationwide is also likely to boost steel demand.
Leave a Reply