[Hot Stock] POSCO Rises for Five Consecutive Days on Steel Price Increase... Hits 52-Week High

[Asia Economy Reporter Ji Yeon-jin] POSCO hit a 52-week high again on the stock market on the 8th amid expectations of benefiting from rising steel prices.

On that day, POSCO's stock price rose as high as 332,000 KRW, up 5.56% compared to the previous trading day. This is the highest price in 52 weeks. As of 10:30 AM that day, POSCO was trading at 328,500 KRW, up 4.61% from the previous close.

POSCO's stock price has been on a five-day consecutive rise since the 26th of last month, as forecasts suggest that product prices will strengthen entering the peak season for global steel demand.

Park Seong-bong, a researcher at Hana Financial Investment, said, "China's steel distribution prices rebounded for construction steel after the off-season due to the resumption of construction, and domestic hot-rolled coil prices in the U.S. continue to surge," adding, "Domestic steel prices are expected to remain strong due to tight supply and demand and low inventory levels, making it difficult for domestic demanders to procure sheet products."

Last week, the distribution price of hot-rolled steel sheets in China was 4,888 yuan per ton, up 8.4% compared to a month ago. The distribution and futures prices of rebar also rose by 9.4% and 9.9%, respectively.

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