[Featured Stock] Will Steel Prices Continue to Rise After POSCO Blast Furnace Shutdown? Hyundai Steel Up 8%

▲Flooded view of POSCO Pohang Steelworks [Image source=Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Due to the impact of Typhoon 'Hinnamnor,' three blast furnaces at POSCO's Pohang Steelworks have been halted, leading to expectations of rising steel product prices and resulting in gains among steel-related stocks such as Hyundai Steel.

As of 10:04 a.m. on the 13th in the Korea Exchange KOSPI market, Hyundai Steel is trading at 35,550 KRW, up 8.05% from the previous trading day. During the session, Hyundai Steel's price rose as much as 8.81% to 35,800 KRW before giving up some of the gains.

At the same time, Dongkuk Steel is trading at 14,750 KRW, up 14.79% from the previous day. KG Steel is up 5.50% at 10,550 KRW, and Daehan Steel is up 5.13% at 14,350 KRW.

POSCO's Pohang Steelworks halted blast furnace operations for the first time in 49 years due to Typhoon 'Hinnamnor.' Approximately 30,000 employees from the group, partner companies, and related agencies have been deployed for recovery work. Among the Pohang Steelworks' blast furnaces 2, 3, and 4, furnace 3 resumed operation around the afternoon of the 10th, furnace 4 started operating around 4 p.m. on the 12th, and furnace 2 plans to attempt restarting on the 13th.