Hyundai Steel considers increasing heavy plate prices in response to escalating costs

Hyundai Steel is poised to raise the unit price of heavy plates supplied to distributors by KRW 50,000/t starting January 2024, as Steeldaily reported. The move comes after months of absorbing higher iron ore prices despite a sluggish domestic market. This move, driven by escalating raw material costs and slumping domestic demand, could trigger a broader increase in domestic distribution prices.