December 02, 2008

Dongkuk to raises steel prices by 23%

Reuters reported that South Korea's third largest steelmaker Dongkuk Steel Mill would raise prices of steel plates used in shipbuilding by 23% to pass on soaring global raw material prices.

Dongkuk, which raised steel prices by 13% in February, said it would increase prices by another KRW 190,000 (USD 191.2) to KRW 1,010,000 per tonne starting Friday.

Global steel firms are raising prices as rising costs stemming mainly from higher prices of raw materials such as iron ore and coking coal eat into profits.