Effective as of May 15, South Korea's largest steelmaker POSCO has cut its stainless steel prices by up to 19 percent, its third price cut since August 2008, due to market conditions.
Accordingly, the company has lowered hot rolled stainless steel prices by 19 percent to KRW 2.55 million per metric ton ($2,041/mt) and cold rolled stainless steel prices by 18 percent to KRW 2.82 million per metric ton ($2,258/mt).
Commenting on the price cut, POSCO said, "The move is to keep our domestic market share and respond to falling prices of imported products."
On May 14, POSCO slashed prices for its carbon steel products by up to 20 percent.
$1 = KRW 1,248.88