Hyundai Steel Co. (KSE:004020), South Korea's No. 2 steelmaker, said Friday that it raised prices of steel bars to reflect the increased cost of raw materials such as steel scrap.
The price of reinforcing steel bar was raised to 860,000 won (US$769) per ton from the previous 810,000 won, the steelmaker said.
Hyundai Steel accounts for around 35 per cent of the country's steel bar market, followed by Dongkuk Steel Mill Co. (KSE:001230) with a 20 per cent share.
According to Hyundai Steel, the price of steel scrap lately has hovered above 500,000 won per ton, compared with an average of 420,000 won seen in October last year.
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