Onomichi's POSCO ship plate imports increased
2013-08-08 09:00
Onomichi Shipbuilding in Japan has decided to increase its imports of POSCO steel products in the third quarter (July 1 to September 30), following price negotiations with South Korea's POSCO. The shipyard has reached an agreement with POSCO to increase the price of steel by approximately 5,000 yen (US$50) per ton compared to the original price, representing a 10% increase compared to the previous quarter.
Bloomberg reported on the 24th that Takashi Nakabe, president of Onomichi, stated, "It is difficult to accept a price increase of more than 5,000 yen per ton."
He also stated that the company is currently negotiating plate prices with Japan's JFE Holdings, and that "the Japanese steel industry needs to pay more attention to price competitiveness in order to compete with foreign companies." He also mentioned that "the price of imported steel is lower than the price of steel traded domestically in Japan."
Before the 2008 global financial crisis, Onomichi Shipbuilding purchased all of its steel from JFE. However, in the second quarter of this year, the proportion of steel purchased from POSCO reached 10%, and is expected to increase to around 15% in the third quarter.
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