HHI agrees to Japanese steel price hike

Seoul: Hyundai Heavy Industries is reported to have agreed to pay $625 per ton of imported steel plates from Japanese steelmakers as of April. The $15 per ton price hike will continue till March next year, at which point the contract will be renegotiated to reflect market trends. Hyundai is expected to import a total of 3.2m tons of steel in 2007, of which approximately 900,000 tons will be sourced from Japan. [20/02/07]