The Korean steelmaker Hyundai Steel announced to raise its domestic rebar prices by KRW20, 000/ton from August 14th due to short supplies and higher input costs.
After adjustment, its new prices for SD400 grade rebar with diameter of 10mm are at KRW740,000/ton.
It's learned that the country's restrictions on electricity supply among the mini-mills from this week until the end of August will cause Hyundai Steel's rebar production drop by 200,000~300,000 tons from a month ago.
Meanwhile, the scrap prices from Japan and the US are increasing and the domestic scrap prices are rising as well.
Accordingly, Hyundai Steel decided to raise its rebar prices.