SEOUL, Jan. 28 -- South Korea's POSCO (005490.KS: Quote), the world's No.4 steelmaker, said on Thursday it would raise prices of its stainless steel products by up to 3.3 percent due to rising raw material prices.
It said prices of hot-rolled stainless steel product would rise to 3.15 million won ($2,731) a tonne from 3.05 million won and cold-rolled product would also increase by 100,000 won to 3.42 million won.
"Rising nickel prices have increased cost pressure and overseas mills, especially those in Taiwan and China, have already raised prices by up to 10 percent, but we've decided to take a gradual price increase approach due to low seasonal demand," POSCO said in a statement.
POSCO last raised its stainless steel prices in September.
Prices of nickel MNI3 on the London Metal Exchange have nearly doubled to around $18,000 a tonne in less than a year, helped by a global economic recovery.