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Kallanish Kallanish

Knowledge matters Knowledge matters

August, 4th 2020

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JAN 19
04:26

Korea steelmakers increase autosheet prices

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South Korea’s Posco and Hyundai have increased their autosheet prices for Q1, effective from February. Official data from Korea’s Ministry of Trade, Industry and Energy meanwhile shows that in 2016 Korea produced 4.2 million vehicles, a decrease of -7.2% year-on-year, Kallanish notes.

Posco has notified car makers that its Q1 cold-rolled and hot-dipped galvanized sheets prices have been hiked by KRW 80,000/tonne ($68/t). Hyundai meanwhile has reportedly also lifted prices by around KRW 80,000/t.

Normal steel product prices have also increased. Hot-rolled coil, cold-rolled coil and color-coated sheet prices have been boosted between KRW 100,000-120,000/t ($84-102/t) for new Q1 orders. Automotive parts manufacturers have complained as a result, as their costs have increased by around KRW 20,000-40,000/t more than for autosheet buyers.

Korea's domestic car production meanwhile is contuing to struggle as carmakers move towards manufacturing elsewhere in Asia and the Americas.