South Korean Steel maker POSCO Steel announced hike in prices of hot rolled coils (HRC) by Won 30,000/tone, USD27 (equivalent to INR 1700) for September, driven by increasing material price and rebound of global steel market.
At present, POSCO is negotiating with the domestic home appliance producers and automobile makers.
However, it's heard that POSCO's price rise have not boost the local market, following the suit Hyundai Steel and Dongbu Steel announced to raise the HRC selling prices by Won 20,000-Won 40,000/ tone USD17-37 (equivalent to INR 1100-2400) for August but the demand remained slack.
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