POSCO to increase stainless steel prices on nickel costs
South Korean steel giant POSCO said today that it will raise domestic prices of
stainless steel Won 200,000/ton ($205.7) next week due to the sharp increase in nickel prices.
Nickel prices have increased more than 30 percent in the last three months.
POSCO will increase the price of 300-grade hot rolled
stainless steel to Won 2.22 million ($2,285) and the price of 300-grade cold rolled
stainless steel to Won 2.49 million ($2,565).
POSCO, Asia's largest
stainless steel producer, produced about 2 million metric tons of crude
stainless steel in 2005 and its demand for nickel around 90,000 metric tons.