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Home Steel News South Korean steelmakers pressured by weak KRW
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South Korean steelmakers pressured by weak KRW

23 Sep 2011 17:58 reported by Dan Wu

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South Korean steelmakers will face pressure on rising imported raw material costs if the Korean Won currency keeps falling against US dollar.

Mr. Mun Jeong-up, an analyst at Daeshin Securities, said that Eurozone crisis and global financial crisis will hinder recovery in Korean steel industry.

According to the report earlier, Shares in Posco fell by 6.2% and Hyundai Steel was even down by 9.9%.

On the other hand, other Asian steel mills worried that South Korean steelmakers will increase its exports in the Q4 by taking the advantage of plunge in Korean Won currency.

KRW ever dropped to the one-year low of 1,180.1 to US dollar on Thursday.

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Metal Price Index

  • Created with Highcharts 4.0.41. Jun1. Jul1. Aug14,50015,00015,50016,000
  • Created with Highcharts 4.0.41. Jun1. Jul1. Aug25002600270028002900
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