Korean steel makers began to raise prices

Leading steelmakers in South Korea are considering plans to raise prices after years of falling and declining revenues.

The country's largest steelmaker, POSCO, has already raised hot rolled steel prices by as much as 30,000 won, or nearly $ 26 per tonne, in January.

Pohang is also considering price increases for its cold rolled products and heavy plate. Hyundai Steel is also known to be offering key products in line with price increases.

South Korean steel prices have been in decline since 2011, but higher costs for iron ore and other commodities, higher prices for Chinese products, and a weaker Korean currency appear to have played a role.