The world's fourth largest steel producer, South Korea's POSCO, has decided to compensate higher raw material prices by increased prices on steel products, Reuters reports according to RZD-Partner.
The price for ship plates will be raised by 17 per cent to KRW 920,000 (EUR 572) per ton. Asian steel producers have accepted demands to double the prices for Australian iron ore, and POSCO has recently agreed to a 65 per cent price hike for ore from the Brazilian mining company Vale.
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