In July, Korean cold-rolled flat product manufacturers began to increase prices. Among them, South Korea's Eastern Steel has identified new price tags, and other companies such as South Korea's Dongkuk Steel and South Korea's Shiya Group also participated in the price increase.
According to industry sources, South Korea's Eastern Steel has issued a notice to increase the price of all cold-rolled flat products by 40,000 won/ton since July 16. South Korea's Dongkuk Steel and South Korea's Shiya Group announced that their cold-rolled flat products prices will increase by 50,000 won / ton.
South Korean manufacturers of cold-rolled flat products said that they will continue to bear the burden of increasing production costs in the middle of the year. Previously they had reduced losses by cutting production levels, and some producers had to overcome the current difficulties by raising prices. Related parties expect that although the shipment price of Korean cold-rolled flat products has been confirmed to increase in July, it is still difficult to make up for the losses of producers, so additional price increases may be difficult to avoid.
However, relevant sources believe that the continued weakening of steel demand in the Korean domestic market, coupled with consumer resistance to price increases, may hinder price increases. Therefore, Korean manufacturers of cold-rolled flat products have to increase processing fees or expand exports as an alternative to price increases.