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 South Korea's two largest display panel makers -- Samsung Display and LG Display -- are extending their liquid crystal display (LCD) production, industry insiders said on Friday, as panel prices continue to rise on robust demand.

Samsung Display CEO Choi Joo-sun recently told employees that the company is reviewing the possibility of extending large-size LCD panel production through the end of next year.

The company originally planned to withdraw from the LCD business last year due to fierce competition with Chinese brands and expedite its migration to next-generation quantum-dot (QD) displays, reports Yonhap news agency.

LG Display also has been producing LCD TV panels in South Korea far beyond its planned deadline. It previously sought to shut down operations of domestic LCD production lines by the end of last year and focus on expanding OLED capacity.

Industry insiders said South Korean LCD suppliers' decision came amid rising panel prices.

According to market researcher Witsview, the average LCD panel price in the first half of May jumped to its highest level since June 2015.

Another market tracker, Display Supply Chain Consultants (DSCC), said LCD panel prices jumped 14.5 percent in the first quarter and that 17 percent growth is expected for the second quarter.

Their prolonged LCD manufacturing operations come after their TV manufacturing affiliates reportedly requested them to continue LCD production.

Samsung and LG, the world's two largest TV vendors, recently said the LCD panel price hike could undermine profitability, with semiconductor shortages also posing a potential problem.