JFE Steel to Hike Hot Band by US$ 140-150/t for South Korea

JFE Steel almost completed the quarterly hot coil price negotiation with South Korean rerollers to increase the export price by US$ 140-150 per tonne for April-June shipment. The price is apparently around FOB US$ 690-700 per tonne and the volume is in line with January-March. JFE Steel offered US$ 150-200 per tonne hike for April-June when South Korean pipe makers agreed with offshore makers to accept US$ 730 per tonne of hot band and Chinese makers offer more than US$ 700 for South Korean buyers. South Korean rerollers are suffered from the high material cost with lower selling price despite of 65,000-85,000 won per tonne of price hike for cold rolled steel and galvanizing steel. The rerollers resisted the wide hike but finally accepted the hike to secure the materials under tight supply. JFE Steel would increase the hot coil export price for July-September depending on the market condition and raw materials cost.