South Korea: Hyundai Steel's HR product price falls slow down

The decline in Hyundai Steel's domestic hot-rolled (HR) product prices slowed down, which were recorded at KRW 1.1 million/tonne ($773/t) levels in early-October. Notably, prices soared to KRW 1.25 million/tonne ($879/t) levels in late-September amid reduction in supply of HR products.

The reduction in supply was mainly due to shutdown of hot-rolling (HR) line and cold-rolling (CR) lines 1 and 2 at Hyundai Steel's Dangjin works due to a guerrilla strike.

The CR lines 1 and 2 will be closed from 12 October till 26 October 2022. Also, repairs of the cold-rolling line in Suncheon plant have been scheduled between 16-24 October, 2022.

POSCO recently completed the repair works of its CR plant 1 and commenced regular operations. Furthermore, the steel major aims to start HR plate mill 1, 2 and wire rods plant 1 this month, followed by wire rods plant 3, 4 and cold rolling 2 in November and HR plant 2 in December.

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