POSCO to reduce prices in response to Chinese exports

POSCO to reduce prices in response to Chinese exports

South Korean steel producer POSCO announced today that it would reduce its prices on certain low-grade steel products as of this Friday, July 1, in response to Chinese exports. The company said that it would reduce the price of hot rolled coil produced at electric arc furnace facilities by Won 15'000 per ton (approx. $15 per ton); however, prices of hot rolled steel produced at blast furnace facilities will not be reduced since demand remand strong. Effective Friday, the new price for hot rolled coil from EAF facilities will be Won 580'000 per ton ($567 per ton).. POSCO also plans to reduce wire rod prices by Won 40'000 per ton ($39 per ton), bringing the new price to Won 530'000 per ton ($518 per ton). A surge in China's exports of low-grade steel products to South Korea prompted POSCO to reduce its prices.