POSCO to cut domestic steel prices

POSCO to cut domestic steel prices

POSCO, South Korea's largest steelmaker, disclosed that it will cut domestic prices of its steel products next week to reduce excessive inventories of commercial products resulting from massive inflows of cheaper imports from China. POSCO indicates that domestic prices of 11 products will be reduced by 6-9 percent from September 26. Accordingly, hot rolled coil prices are expected to fall from Won 595'000/ton ($578.9/ton) to Won 550'000/ton ($535.1/ton), while cold rolled coil prices will be reduced from Won 695'000/ton ($676.3/ton) to Won 650'000/ton ($632.3/ton).