Source: CCTV Finance and Economics
[# South Korean steel prices soar # South Korean refrigerator prices soar to 20,000 yuan #] the South Korean steel industry imports almost all the iron ore needed by the steel industry, while international iron ore prices have risen by about 80% since the beginning of the year, leading to soaring prices of South Korean steel products. Mr. Li, an engineer, told reporters that the prices of steel for construction, such as steel bars, steel pipes and section steels, have all risen sharply. Compared with the end of last year, the average increase is about 40%. Many small and medium-sized construction enterprises in South Korea with weak bargaining power have delayed the project or suspended construction because of steel shortage. By visiting some home appliance stores, the reporter learned that now steel prices are rising, and refrigerators, washing machines and other household appliances, which use more steel, are also beginning to face the pressure of price increases. Some South Korean consumers said that the current prices of refrigerators are basically around 3.5 million won (about 20,000 yuan), several times more than the budget. South Korean analysts pointed out that as the iron ore market will continue to rise, it will take a long time for hot steel prices to return to previous levels.