Hyundai Steel announces price increaseHyundai Steel has announced that it will be raising export prices for H beams and other steel products.

Hyundai, South Korea's second-largest steelmaker, said that the price hike would reflect the rising cost of the raw materials that go into making the products. Export prices for rebars will be raised by $30 to $40 per ton, to between $630 and $640, while the price of H beams, which are frequently used in construction, will be increased to $710 or $720 per ton from $680 or $690, according to a company statement.

The company didn't specify when the price hike would take effect, but increases in the cost of steel have been a common occurrence this year. Last month, Hyundai rose the price of its H beams by $40 per ton and the price of its rebars by $50 per ton to reflect price shifts in the industry.

"We decided to lift the exporting prices of rebars and section steel because of the soaring production cost resulted from the persisting increase in the scrap iron price and the improving international steel market," a Hyundai Steel official told the Korea Times.
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