On 13 March, South Korea-based Pohang Iron and Steel Company (POSCO) announced that they will increase their
stainless steel product prices by 8.9 and 8.3 percent respectively for hot rolled and cold rolled from March 26, 2007. In line with this decision, POSCO's hot rolled
stainless steel price will increase by 8.9 percent to Won 4,300,000/mt ($4,562/mt). Meanwhile, its cold rolled
stainless steel price will increase by 8.3 percent to Won 4,570,000/mt ($4,847/mt). POSCO said that this price adjustment was due to the increased costs caused by the rise in the price of nickel.