Posco reduces July steel prices by $200 per ton as nickel drops

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Posco reduces July steel prices by $200 per ton as nickel drops

Steelmaker Posco said in a statement yesterday it has slashed its monthly stainless steel prices for July by 200,000 Korean won ($200) a ton to reflect easing nickel prices, swinging back to price levels from a month earlier.

The world’s fifth-largest steelmaker at the end of May hiked its June prices for 300 stainless steel product lines by 200,000 won a ton to reflect a nickel price rally.

London Metal Exchange nickel prices hit a 27-month peak of $21,625 a ton on May 13, led by supply concerns following a January ban on ore exports by Indonesia but have eased to $19,000 levels pressured by a stock build.

Reuters

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