On May 20, South Korea's third-largest steelmaker Dongkuk Steel announced a cut of 11 percent in its ship plate prices, its third reduction this year.
The move came after its domestic rival POSCO announced on May 14 that it was cutting its prices for all steel products.
Dongkuk said that it had decided to cut the prices of its ship plates by KRW 100,000/mt to KRW 820,000/mt ($655/mt) from last Friday, in order to match the move of POSCO which unexpectedly cut its domestic steel prices so as to be able to compete against cheaper imports.