S.Korea POSCO Says to Raise Stainless Steel Prices

SEOUL, Feb. 26 -- 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 3.2 percent for those to be released in March due to rising raw material prices.

It said in a statement that prices of hot-rolled stainless steel product would rise to 3.25 million won ($2,803) a tonne from 3.15 million won, and cold-rolled product would also increase by 100,000 won to 3.52 million won.

"Prices of raw materials, including nickel and chrome, are bullish in recent trades with the expectation for recovering demand, and this upward movement is expected to continue for a while," the POSCO statement said.

"Accordingly, global stainless steel prices are on the rise, and foreign stainless steel millers are actively seeking to raise their prices."

POSCO last month said it would raise prices of its stainless steel products for this month's release by up to 3.3 percent for the first time since last September due to rising raw material prices.

Prices of nickel MNI3 on the London Metal Exchange have doubled to more than $20,000 a tonne in the past one year, helped by a global economic recovery.