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Continuing to investigate the extent of the damage, the company has suspended operations until the typhoon passed.

It is also said that Hyundai Steel’s plant was also affected by the typhoon.

Pohang Steel Works is one of the two major plants POSCO operates in South Korea. Its crude steel capacity is 17.9 million mt per annum with the flat steel products (HRC, plate, CRC and HDG) being the major products, while the mill is also focused on production of stainless steel of different kinds - longs and flats.

As a result of the disaster, market sources have been assessing the possible impact on the HRC market. “I don't know if it will affect European prices [as they have already been higher], but just now some traders in Spain told me that most of the import offers have increased,” a source said. Also, sources believe that, after some increases in the HRC segment, CRC and HDG prices in Europe may also be supported by the supply challenges.

Though South Korean producers are mainly focused on sales to distant markets like Europe, some impact is possible in Asia too. “Maybe they will pay more tomorrow as POSCO’s mill has a problem,” a source from China told SteelOrbis regarding the effect on Vietnam’s import HRC market. However, as volumes sent from South Korea to Vietnam are not so big and as demand in the country is weak, the effect there is expected to be less than in the countries which are steady buyers of ex-Korea coils. Europe, some countries in the Middle East and Asia (with the developed automotive production base) are the main buyers of flat steel from POSCO.