POSCO to Raise Steel Plate Prices

POSCO Co. Ltd., the world's fourth-largest steel maker, said it would raise the price of its steel plates for shipbuilding by 9.9 per cent, reflecting higher costs and strong demand, a Reuters report indicated. The South Korean steel maker will increase the price to $724.80 per tonne from $660, effective from October 25, the company said in a statement. Global prices of steel products, particularly for shipbuilding, have risen as shipbuilding yards have very strong order books in South Korea, China and Japan. Prices of raw materials such as iron ore, coal and scrap are also strong backed by brisk demand. POSCO, however, will maintain its prices of other key products, including hot-rolled and cold-rolled coil, in the fourth quarter. [Source: Reuters]