Reuters reported that Hyundai Steel would raise prices of its steel products by up to 7.2% from February 2009 to reflect rising raw material prices.

Hyundai Steel said that prices of rebar will rise by KRW 50,000 to KRW 741,000 a tonne and H section will also increase by KRW 40,000 to KRW 860,000 a tonne.

The price increases are first price since Hyundai Steel slashed prices by up to 6.8% in October 2009 because of rising imports of lower priced products from China.

Hyundai Steel said that "The price adjustment reflects rising steel scrap prices and firm international steel prices."