| News | ||
| POSCO to maintain stainless steel prices for August at July levels - 29 Jul, 2010 | ||
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South Korean steelmaker POSCO said that it would maintain prices of major stainless steel products for August 2010 at July 2010 levels to encourage local market demand. In June 2010, POSCO lowered prices of major stainless steel prices for July to narrow the price gap with imports, setting prices of its hot rolled stainless steel products at KRW 3.35 million and cold rolled products at KRW 3.62 million. POSCO in a statement said that "Despite cost burdens, POSCO decided to keep stainless steel prices unchanged from July 2010. As the market's consensus is that prices have hit bottom, we expect demand to recover soon, especially with low inventories at clients." Meanwhile, the price of nickel MNI3, a key ingredient in stainless steel, on the London Metal Exchange, has strengthened about 5% since the beginning of July 2010 to above USD 20,000 per tonne. (Sourced from www.reuters.com) | ||
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