It is reported that Hyundai Steel, the second largest steel mill in South Korea announced on February 11st to hike the prices of rebar by 50,000 won/ton due to the raising scrap price.
Hyundai Steel indicated that the current scrap average price has risen over than 500,000 WON/ton, much higher than its price in October, 2010; therefore, the company has decided to hike its rebar prices to reflect the production costs.
In fact, Hyundai Steel owns 35% market shares of rebar products and Dongkuk Steel takes 20% in South Korea.
Also, Hyundai Steel had raised its H beam prices by US$50/ton for January/February delivery on January 5th due to increasing production costs.