POSCO, South Korea's biggest steelmaker, said on Wednesday that it is holding talks with North Korea to purchase more coal and acquire commodities such as iron ore from the communist state in an effort to secure a stable supply of raw materials. According to the steelmaker -- the world's fourth largest -- Kim Dong-jin, the president of POSCO-China Holding Corp., arrived in Pyongyang on June 24 for the talks with North Korean officials on ways to double coal purchases to 400,000 metric tons this year.
Kim will also discuss methods to secure other raw materials such as iron ore in order to meet rising demand and costs, the company said.
On Tuesday, POSCO said it plans to raise prices of steel products to cover rising costs of raw materials such as iron ore and coal. The planned steel price hike, the third of this year, came as prices of iron ore and coal have risen sharply since last year.
The price of iron ore has risen at least 65 percent this year, with that of coal rising three-fold, according to the company.
Source: Tradingmarkets
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