POSCO reduces stainless prices

POSCO reduces stainless prices

According to market reports, POSCO announced early this week that it will lower its hot rolled and cold rolled stainless steel prices by 7.6% due to recent drops in nickel prices. New stainless steel prices for orders given as of May 19, 2004 fell to Won 2'430'000/ton ($2'064/ton) for hot rolled and Won 2'910'000/ton ($2'472/ton) for cold rolled steel products. In early April, benchmark three-month nickel was trading at around $14'000/ton, while yesterday it was trading at $10'800-10'825/ton in London Metal Exchange (LME).