POSCO Specialty Steel, a division of giant South Korean steel producer POSCO, has lowered its ex-factory price by KRW 150,000/mt on its 300 series stainless steel bars, effective with orders received in August.
Thus, taking into consideration the delivery period of the products in a range of 60-80 days after the order placement, the price adjustment will be actually made, effective with cargos to be shipped out between the end of October and the middle of November.
According to POSCO Specialty Steel, the company has decreased the ex-factory price on its stainless steel bars in accordance with a fall of $1,680/mt from a month ago to $22,100/mt in the average monthly price for nickel in August on the international market of the London Metal Exchange (LME). It is expected that its price cut will help its customers to improve price competitiveness.
In the distribution market, domestic 300 series stainless steel bars are selling at the prices in range of KRW 5.3-5.4 million/mt, with imported bars at KRW 4.85 million/mt.