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Asian stainless steelmakers to adjust prices

18 Oct 2007 15:53 reported by Lisa Yao

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Major stainless steel mills in Japan and South Korea announced to adjust the stainless steel price.

Japanese NSSC has reduced the price of austenitic stainless steel cold rolled coils and medium plate by ¥35,000/ton (about US$304). Due to the reduction of orders, the company plans to keep on cutting down the production in October to stop the declining of the price.

But in South Korea, Posco said it will add the price of 300 series stainless steel by 300,000 won/ton (US$327), effective from October 15. Due to the weak demand in the Asia market, Posco has cut its output since July to support the market. The total output was 303,000 tons in the third quarter, decreasing by 37.9 percent year-on-year, according to the company.

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