(Reuters) – South Korea’s main KOSPI share index was up 0.9 percent at 1,898.04 as of 0107 GMT.

The following stocks were on the move:


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.

($1 = 1118.9250 Korean won) (Reporting by Hyunjoo Jin; Editing by Anand Basu)