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South Korean shipbuilders protest planned steel plate price hike

Steel News - Published on Tue, 12 Feb 2019

Image Source: koreatimes
Korea Times reported that South Korean shipbuilders are protesting a move by steelmakers to increase their prices of thick steel plates, claiming the hike will worsen their profitability at a time when they are still struggling with sluggish global demand, according to company officials Monday. The two groups have engaged in an intense tug-of-war on the steel price hike since December, but have yet to reach an agreement.

Shipbuilders, Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering, want the price frozen at its current level until their businesses are back on track. They claimed the price has already been increased by between 30,000 won and 50,000 won on two separate occasions in the first and second half of last year.

The nation's leading steel companies, POSCO, Hyundai Steel and Dongkuk Steel, have been moving to increase the price of shipbuilding plates by about KWR 50,000 (USD 45) per ton in the first half of the year. Steelmakers said they have no choice but to increase the price of thick plates as the cost of raw materials such as iron ore have gone up. They claimed they have maintained abnormally low prices considering the recession in the shipbuilding industry.

Source :

Posted By : Ratan Singh on Tue, 12 Feb 2019
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