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POSCO raises steel plate prices

Seoul: On June 22nd, POSCO announced that it will increase the prices of its products by 6% in the third quarter. ?The South Korea's largest steel maker said that it will increase the prices by KRW 50,000 ($42.2) a ton for hot rolled steel sheets and thick steel plates, and by KRW 55,000 a ton for cold rolled steel sheets, for the contracts starting at the beginning of next month?As a result, POSCO's shipbuilding thick steel plate prices will be KRW 950,000 per ton from July. ?It is POSCO's second price hike this year. The price of the steel plates for vessels has become higher than that of the summer season in 2008 which was KRW 920,000 a ton. ?Further, it is expected that Hyundai Steel and Dongkuk Steel Mill will also increase their product prices. The purchase price for thick steel plates is set to reach the highest level again. [24/06/10]

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