South Korean steelmaker Hyundai Steel has announced plans to increase its rebar prices in response to rising global demand and production costs. The company will implement two consecutive price hikes for rebar:
• KRW 20,000/ton increase effective August 14th
• Additional price hike in September
The price adjustments aim to offset higher raw material expenses and reflect the current market conditions characterized by strong global demand for steel products.
Hyundai Steel's decision comes on the heels of its financial results for the first quarter of 2024, which showed a return to profitability with a net profit of KRW 32.2 billion ($23.75 million) compared to a net loss in the previous quarter. However, the company's sales revenues and total steel sales volume declined quarter-on-quarter and year-on-year.
The price increases are expected to have a positive impact on Hyundai Steel's financial performance in the coming quarters as the company continues to navigate the challenges posed by the global steel market.
