South Korea's largest steelmaker POSCO said Sunday that it plans to raise the prices of some steel products on April 19 to reflect an increase in iron ore costs.

The price of steel plates for shipbuilding will rise 3.3 percent to 605,000 won (642 U.S. dollars) per ton, while the price of electrical steel will be raised 7.1 percent to 3.3 million won (3503 U.S. dollars), POSCO said.

The price of iron ore has risen 7.5 percent so far this year in tandem with a continued rise in steel demand, POSCO said.

Meanwhile, shares of POSCO, the world's third-largest steelmaker, have risen by 28 percent in the first three months this year, on expectations that rising prices for the alloy will boost profit.

Source: Xinhua