In consideration of a recent rise in nickel price and the domestic market conditions South Korean steel producer POSCO decided to reduce its ex-factory prices by KRW 100,000/mt ($93/mt) for 300-series stainless steel products in September.
The company said that that it has made such decision in consideration of a recent drop in the international market price for nickel, the domestic market prices for imported stainless steel products and consumers' inventory levels of the products and that its price cut will support the revitalization of domestic market for the products.
Accordingly, its ex-factory price for 304 stainless steel hot-rolled coils will come down from KRW 3.7 million/mt ($3,446/mt) to KRW 3.6 million/mt ($3,353/mt) next month, while its new price tag for 304 STS cold-rolled steel sheets (based on 2 mm and 2B) will be KRW 3.87 million/mt ($3,605/mt) instead of KRW 3.98 million/mt ($3,707/mt) as they were in July.
However, its ex-factory prices for 400-series stainless steel products will remain unchanged next month, maintaining at KRW 2.04 million/mt ($1,900/mt) for 430 stainless steel hot-rolled coils per ton and KRW 2.42 million/mt ($2,254/mt) for 430 STS cold-rolled sheets (based on 2mm and 2B) for the sixth consecutive month.