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South Korean steel plate increases in the pipeline
Tue 24 Jun 2008
SOUTH KOREAN shipyards will feel the pinch when long-expected steel plate price increases are announced this week.
A banking source in Seoul, South Korea’s leading steel mills will announce higher than expected increases in the price of steel plate as early as this week.
“Based on our channel checks Posco, the country’s largest steel mill, will increase its per tonne price for steel plate by won135,000 ($130.3) and Dongkuk Steel will raise the price by won250,000, or 25%. This would bring the per tonne price for Posco to won920,000, and for Dongkuk to won1.26m, said the shipbuilding analyst James Yoon at BNP Paribas in Seoul.
“The prices should take effect for 3Q08 orders starting in July,” he said.
Price increases for steel plate have been widely expected with Posco’s imminent announcement being roughly in line with expectations. However, Dongkuk’s possible increase is above what the market predicted. Mr Yoon said that the impact of the rate rise will be marginally negative on a shipbuilding market that is already suffering from depressed share values.
