POSCO to cut domestic steel prices

POSCO to cut domestic steel prices

POSCO, South Korea's largest steelmaker, disclosed that it will cut domestic prices of its steel products next year to protect the local market from massive inflows of cheaper imports from China. POSCO indicates that domestic prices of steel products will be reduced by 4-17 percent in 2006. Accordingly, hot rolled coil prices are expected to fall from Won 550,000/ton ($541) to Won 500,000/ton ($491.8). As for cold rolled coil, prices will be cut to Won 600,000/ton ($590) for high-end products and to Won 580,000/ton ($570) for ordinary products.