POSCO to increase stainless prices on nickel costs

South Korean steel giant POSCO said that it would raise domestic prices of stainless steel Won 200,000/ton ($211.1) since nickel prices increased. Starting from June 7 shipments, POSCO will increase the price of 300-grade hot rolled stainless steel to Won 2.62 million ($2,772) and the price of 300-grade cold rolled stainless steel to Won 2.89 million ($3,057). POSCO, Asia's largest stainless steel producer, produced about 2 million metric tons of crude stainless steel in 2005 and its demand for nickel around 90,000 metric tons.