Reportedly, the three major steelmakers in Korea planned to raise the ex-work prices of hot rolled steel products for February due to higher input costs and weak sales.

Industry sources said that the scrap prices have jumped substantially at least KRW30, 000/ton recently and the spot iron ore prices have increased sharply as well.

It’s said that the steelmakers might increase the prices by KRW20, 000~KRW30,000/ton.