Negotiations on second quarter shipbuilding plate prices between Japanese steel mills and South Korean shipbuilders are reported to have commenced.
The Japanese steel producers are expected to seek a $50/mt hike in their shipbuilding plate price for the second quarter, as compared to first quarter price levels. This price hike attempt is supported by an increase of $40/mt for steel plate in the South Asian market.
However, the price increase planned by the Japanese seems unfavorable to South Korean shipbuilders as they have been facing lower profits after they cut prices substantially in order to attract orders.
Source: Steel Orbis