Posco lowers stainless steel prices

Print this page Posted on : 07-12-2007 by recycleinme.com

Posco, Asia’s third-largest steelmaker, reduced the prices of its stainless steel products for a second time this year after the cost of nickel, a key raw material, declined. The company reduced the price of its 300-series stainless steel hot-rolled coil by 300,000 won, or 6.5 per cent, to 4/35 million won ($4,730) a tonne, Ms Ko Min Jin, a spokeswoman at the Pohang, South Korea based steelmaker said. The reduction was effective from June 25, she said. The price of nickel futures on the London Metal Exchange has tumbled 37 per cent since reaching a record close of $51,600 a tonne on May 4 amid concern higher prices may curb demand. Posco also cut the price of its 300-series stainless steel cold-rolled coil by 300,000 won to 4.62 million a tonne, she said. The steelmaker previously cut the prices for the products effect June 11.

Source : Business Line