Korean Hyundai Steel planned to hike its domestic prices for rebar by KRW47,000/ton, effective from January 28th.
After the adjustment, its prices for SD400 grade rebar with diameter of 10mm will be at KRW797,000/ton. Also, the company will remain its discount for retailers.
Hyundai Steel stated that it decided to raise rebar prices as the scrap purchasing prices have surged at around 50,000/ton recently from the prices in last December.
Besides, the 4.4% rise in electricity prices from the Korean Electric Power has made its input cost increase.