South Korea’s steelmaker POSCO froze its price of stainless steel products for May as the real economy hasn’t recovered.

However, the company decided to hike its stainless steel prices for June in order to further decrease the burden on high production costs.

POSCO raised the price of 300 series stainless steel by 500,000 won/ton in April.

In the first quarter of this year, POSCO produced a total of approximately 523,000 tons of stainless steel, rising by 1.6% compared to the previous quarter and also growing by 7.2% from the same period a year earlier.