POSCO to Reset Steel Prices

POSCO is rearranging its steel prices in response to fluctuating international prices and domestic demand. On May 1, the steel producer will lift prices of mini-mill products, stainless steel and cut steel plate prices. In a statement, the company said prices for mini-mill hot-rolled coil will rise by $21 per ton to $501 in the domestic market due to falling inventory levels but prices for steel plate and steel plates for shipbuilding will fall by $31 per ton to $661 and $623, respectively. Its move is affected by recent price cuts by Japanese steel makers. For orders made from May 3, the prices of 300 series hot-rolled and cold-rolled products will each rise by $213 to $2,581 and $2,869 per ton, it said. It is the second time the steelmaker has raised prices since February when the price of 300 series products went up by $213 won due to a global increase in the prices of nickel and stainless steel products. (Source: Korea Times)