South Korean steel giant Hyundai Steel has reportedly announced a hike in the list price of hot rolled coils (HRCs) by WON 50,000/tonnes (t) ($43/t) for Sept’21 shipments. The hike has been triggered by the higher raw material prices and mismatched supply and demand conditions, according to SteelDaily.
Further, the company also increased the selling price of hot rolled steel sheets by WON 50,000/t ($43/t), from Sept’21.
The price hike reflects that raw materials inventory procured earlier at higher prices were consumed during the production. However, the prices for raw materials and subsidiaries have been on an upward trend, with coking coal prices soaring.
Moreover, prices rose due to bearish supply conditions.
Earlier, in mid-August, POSCO had also lifted HRC prices by WON 50,000/t ($43/t). It is anticipated that, with this price hike from Hyundai Steel, market sentiments will improve along with downstream sector prices.
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