Local steelmakers are on the verge of coming to a consensus with heavy industry companies in setting the steel plate price for the second half of this year. According to the industry, Wednesday, the steelmakers and local big three heavy industry companies ― Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy .
Posco at ease while Hyundai Steel nervous over iron ore price hitting 10-year high ANI | Updated: May 11, 2021 12:10 IST
Seoul [South Korea], May 11 (ANI/Global Economic): The price of iron ore, the raw material that goes into making steel materials, has reached its highest level in a decade, jumping over $190 per tonne.
South Korea s steel manufacturing giant Posco was an early investor in mining and thus seems to be in a relatively relaxed state. However, Hyundai Steel Co Ltd under South Korean conglomerate Hyundai Motor Group is facing an uncomfortable situation as it has no existing mining investment.
According to Korea Resources Corp on May 7, the price of imported iron ore (including cost and freight) from China reached $192.4 per tonne as of April 30.