SEOUL, Apr. 6 -- South Korea's POSCO (005490.KS: Quote), the world's No. 4 steelmaker, said on Monday it had raised prices of stainless steel products for a third straight month on rising raw material costs and to match global competitors.
It said in a statement that April prices of hot-rolled stainless steel products rose 9.2 percent to 3.55 million won ($3,162) a tonne, and cold-rolled product prices were increased by 300,000 won to 3.82 million won a tonne.
"Global stainless steel prices have risen 20 percent from the beginning of this year, along with increasing raw material prices," the POSCO statement said.
Prices of nickel MNI3, a key ingredient in stainless steel, on the London Metal Exchange are hovering at around $25,000 a tonne, a level more than double in the past year as the global economic recovery spurred demand.
POSCO in January said it would raise prices of its stainless steel products for February's release by up to 3.3 percent for the first time since last September. The mill in February raised the metal prices by up to 3.2 percent for March.