SEOUL, Apr 24 (Reuters) POSCO <005490.KS>, the world's fifth-largest steel maker, said on Sunday it would raise its domestic prices of hot-rolled coil produced from mini-mills by 4 percent, amid signs of an easing supply glut.
But it would cut prices of steel plates by 5 percent, in line with recent moves by Japanese steel makers to lower steel plate prices, the South Korean steel maker said in a statement.
The price of the hot-rolled coil will rise to 470,000 won ($496) per tonne from 450,000 won starting from May 1, while that of steel plate will be lowered to 620,000 won from 650,000 won per tonne.
Hot-rolled steel made from mini-mills, or electronic furnaces, accounts for about a fifth of the South Korean steel maker's total sales of hot-rolled coil product. Hot-rolled coil is the benchmark product that takes up about a third in total production.
Steel plates account for about 10 percent of POSCO's total steel products.
Global steel prices of hot-rolled steel fell sharply last year, but they have rebounded about 20 percent so far this year as concerns about an excess steel supply from China has waned.
The cut in steel plate price came after three Japanese steel makers, including Nippon Steel Corp <5401.T>, negotiated with South Korea's Hyundai Heavy Industries Co. Ltd. <009540.KS> to cut steel prices by 15 percent to $580 per tonne in early April.
($1=947.0 Won) REUTERS CS BD0913
But it would cut prices of steel plates by 5 percent, in line with recent moves by Japanese steel makers to lower steel plate prices, the South Korean steel maker
The price of the hot-rolled coil will rise to 470,000 won ($496) per tonne from 450,000 won starting from May 1, while that of steel plate will be lowered to 620,000 won from 650,000 won per tonne.
Hot-rolled steel made from mini-mills, or electronic furnaces, accounts for about a fifth of the South Korean steel maker's total sales of hot-rolled coil product. Hot-rolled coil is the benchmark product that takes up about a third in total production.
Steel plates account for about 10 percent of POSCO's total steel products.
Global steel prices of hot-rolled steel fell sharply last year, but they have rebounded about 20 percent so far this year as concerns about an excess steel supply from China has waned.
The cut in steel plate price came after three Japanese steel makers, including Nippon Steel Corp <5401.T>, negotiated with South Korea's Hyundai Heavy Industries Co. Ltd. <009540.KS> to cut steel prices by 15 percent to $580 per tonne in early April.
($1=947.0 Won) REUTERS CS BD0913
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