On Saturday, February 7, the world's fourth largest steelmaker, South Korea-based POSCO announced that it is cutting its prices of stainless steel beginning this month, due to the fall in nickel prices.
POSCO said that its price of hot rolled stainless steel 300 series would be decreased by 14 percent to KRW 3.15 million/mt ($2,288/mt), while its price of cold rolled stainless steel 300 series would be reduced by 13 percent to KRW 34.2 million/mt ($24,763/mt).
The steelmaker has cut prices and production of its stainless steel products since Q3 2008 due to the delay of purchases on the back of lower price expectations. However, POSCO had to increase its production cuts in Q4, cutting output by 38 percent from the previous quarter, as the steel industry downturn deepened.