POSCO to increase stainless steel prices on nickel costs

POSCO to increase stainless steel prices on nickel costs

South Korean steel giant POSCO said today that it will raise domestic prices of stainless steel Won 200,000/ton ($205.7) next week due to the sharp increase in nickel prices. Nickel prices have increased more than 30 percent in the last three months. POSCO will increase the price of 300-grade hot rolled stainless steel to Won 2.22 million ($2,285) and the price of 300-grade cold rolled stainless steel to Won 2.49 million ($2,565). 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.