South Korea’s leading steel producers are mulling plans to raise prices after years of falling prices depressed revenue.

The country's largest steelmaker POSCO raised prices of its hot-rolled steel plates by as much as 30-thousand won, or about 26 U.S. dollars, per ton in January, before raising prices by as much as 30-thousand won again early this month.

The Pohang-based firm is also considering hiking prices of its cold-rolled plates and thick plates.

Hyundai Steel is also known to be continuing reviews of key products and considering raising prices.

South Korean steel prices have been on a downslide since 2011 but increased costs in iron ore and other commodities, price rises in Chinese products and a weaker Korean won appear to have stemmed the fall.