POSCO announces hike in stainless price

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.