South Korea’s POSCO will raise the price of 300 series stainless steel by 100,000 won for January 2025. Affected by domestic political and economic uncertainty and the monetary policy adjustment of the US FOMC, the exchange rate of the South Korean won against the US dollar soared to the highest level during the year.

Although nickel prices have been weak recently, industrial electricity prices have risen significantly since October, increasing production costs.

POSCO said that in response to the sluggish domestic demand, it had tried to postpone the cost pass-through, but it was now unbearable. Prices have generally increased in domestic and foreign markets, including major manufacturers in Europe and Japan increasing alloy surcharges and product prices.

POSCO will pay close attention to raw material prices, exchange rates, market and import trends, and domestic policies, and continue to adjust pricing strategies.