SEOUL, March 16 (Reuters) - South Korea's Hyundai Steel (004020.KS), the country's No.2 steelmaker, said on Tuesday it would raise export prices of its steel products by $70-$80 per tonne for April/May shipments from March/April.
Prices of H-beams, used mainly in construction, will rise to $730-$800 a tonne on a cost-and-freight (CFR) basis, sheet pile and sections to $780-800 a tonne, CFR, and rebar to $630-$640 a tonne, CFR to Southeast Asia, with prices varying depending on region, the statement said.
"The new export prices reflect prices of steel scrap that we have already secured. Due to recent rises in steel scrap prices, firmer freight costs and the won's appreciation, there are factors for an additional $40-$50 increase within two to three weeks," the statement said.
If prices of steel scrap continue to rise, it added it was likely export prices would hit more than $800 a tonne and touch $900 within one or two months.