POSCO raises stainless steel prices by 13 pct

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 Aug 2009

South Korea's POSCO said that it would raise stainless steel prices by up to 13 percent in its third consecutive monthly increase to reflect improving global prices and rising raw material prices. POSCO, the world's No.6 steelmaker, said prices of hot-rolled stainless steel would rise by 13 percent, or 400,000 won per tonne, to 3.4 million won ($2,732) per tonne from September, while cold-rolled stainless steel would rise by 12 percent, or 400,000 won, to 3.67 million won.
The move follows similar price increases of the rust-proof metal used in products ranging from kitchenware to machinery and aircraft components in June and July.
Separately, Hyundai Steel, South Korea's second-largest steelmaker, said on Friday that it would raise carbon steel prices by up to 6.9 percent in its first increase in a year.

Source: Reuters