Reuters: Hot Stocks: Korea Hot Stocks-POSCO rallies on report of Nippon Steel price hike

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Korea Hot Stocks-POSCO rallies on report of Nippon Steel price hike Jul 23rd 2013, 01:24 SEOUL, July 23 | Mon Jul 22, 2013 9:24pm EDT SEOUL, July 23 (Reuters) - South Korea's main KOSPI share index was up 0.9 percent at 1,898.04 as of 0107 GMT. POSCO and other South Korean steelmakers rallied, buoyed by a media report that Japan's Nippon Steel & Sumitomo Metal Corp and Toyota Motor Corp have agreed to raise steel prices, boosting hopes of a recovery in the sector. Nippon Steel also rallied, after the Nikkei said Japan's top steelmaker will raise steel sheet prices by about 10 percent for April-September as the yen falls. "The report has reinforced hopes that other steelmaker in the region will be able to follow suit in raising prices," said Cho Kang-un, an analyst at Shinyong Investment & Securities. "Chinese steel prices have been rising almost every day in July, although questions remain whether the rebound will be sustainable" Cho said.

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