POSCO will cut stainless steel 300 series by 500,000 won/ton in August
To reflect the drop in nickel prices, POSCO will cut the price of stainless steel 300 series and GS import countermeasures by KRW 500,000/t in August.
In July, POSCO officially lowered the price of 300 series genuine stainless steel by 100,000 won/ton and GS imports by 200,000 won/ton.
In July, LME nickel prices plunged to a high of $19,000 amid rising U.S. interest rates, the pandemic, and fears of a global economic downturn.
The company explained that with POSCO’s decision to cut stainless prices, the cost burden for end-users who have suffered sharp price hikes this year is expected to be partially alleviated.
Considering that the KRW/USD exchange rate exceeded the 1,300-won mark in July, it is expected that this additional price reduction plan will be limited.
