S. Korean steelmakers raising prices amid ban on Russian coal
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Update time : 2022-03-21 20:17:53
The war in Ukraine, and the resulting sanctions on Russia, have drastically raised the cost of coal, an essential material for South Korean steelmakers, and that's going to have knock-on effects for manufacturers of cars and ships and for construction companies.
According to the Ministry of Trade, Industry and Energy, the price of coal for steelmaking has risen to an all time high of almost 663 dollars a ton as of last Thursday.
Compared to last May, that's a six-fold increase.
Russia had been Korea's second-biggest source of coal, but now, Korea's going to have to buy more from Australia.
Steelmakers have already raised prices this month, and are looking at another hike next month.
