Seoul, Oct 9: POSCO Co. Ltd, the world's fourth-largest steel maker, said on Tuesday it would raise the price of its steel plates for shipbuilding by 9.9 percent, reflecting higher costs and strong demand.
The South Korean steel maker will increase the price to 665,000 won ($724.8) per tonne from 605,000 won, effective from Oct. 25, the company said in a statement.
Global prices of steel products, particularly for shipbuilding, have risen as shipbuilding yards have very strong order books in South Korea, China and Japan.
Prices of raw materials such as iron ore, coal and scrap are also strong backed by brisk demand.
POSCO, however, will maintain its prices of other key products, including hot-rolled and cold-rolled coil, in the fourth quarter.
Shares in POSCO were up 2.31 percent at 709,000 won by 0519, outperforming a 0.40 percent fall in the wider market.