POSCO stainless steel prices cut

Print this page Posted on : 09-05-2007 by recycleinme.com

POSCO Co Ltd., has cut prices of stainless steel products by 500,000 won ($533.6) per tonne due to slower demand and lower nickel costs, a key raw material, a company official said on Tuesday. It marks the fourth time POSCO has lowered stainless steel prices to far this year. The South Korean steel maker has lowered the price of 300-grade hot-rolled stainless steel products to 3.5 million won per tonne, effective from Aug.13 shipment, from 4 million won. Global nickel prices have fallen more than 40 per cent since hitting an all-time high of $51,800 per tonne in May due to concerns that higher prices would cut demand. The metal soared 140 per cent last year alone.

Source : Business Line