Hyundai Steel, Price Increase of Structural Steel Sections

[Asia Economy Reporter Park So-yeon] Hyundai Steel is raising the prices of structural steel. Structural steel refers to rolled steel products mainly used for the steel framework of buildings.

According to the industry on the 21st, Hyundai Steel plans to increase the prices of structural steel products such as H-beams by 20,000 to 30,000 KRW per ton starting next month. As a result, the current price of structural steel, which is around 700,000 KRW per ton, is expected to be adjusted upward to approximately 720,000 to 730,000 KRW per ton. A Hyundai Steel official explained, "This price increase is a decision to reflect the rise in the price of steel scrap, which is the raw material for bar-shaped steel products in January."

Hyundai Steel, the top domestic bar-shaped steel manufacturer, is known to have considered this price increase from various perspectives. This is because raising the price of structural steel is inevitable to secure profitability amid rising steel scrap prices. According to the Korea Resource Information Service, last year, the price of iron ore recorded around 72 dollars per ton in early January, peaked at 122.2 dollars in July, then fell to the 80-dollar range, but is currently showing an upward trend again at 95.05 dollars.