POSCO Ups Stainless Cold Steel Export Price by 30,000 yen/t for Japan

POSCO of South Korea increased the export price of nickel series cold rolled stainless flat steel by 30,000 yen per tonne for Japanese users for July order or August shipment. The firm increased the hot rolled flat steel by 25,000 yen to cover higher nickel cost. The firm increased the cold rolled products by 30,000 yen per tonne for June order. The firm increased the price by total 75,000 yen from the beginning of the year. The firm revises the selling price every month since May order from traditional every 2 months contract. Nickel price plunged at London Metal Exchange in mid-June. The price decreased to less than US$ 9 per pound from the peak of US$ 10. The price increased again in late-June to US$ 9.2 on Friday. With the nickel price, the firm could increase the export price again for August order. Nickel series stainless inventory decreased in Asian market. With the tighter supply, market price increases. Especially, Chinese domestic demand is strong and the firm demand is expected to continue for another quarter.