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South Korean stainless steel market softens

5 Aug 2008 13:16 reported by Ivy Wei

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South Korea’s stainless steel industry has experienced sluggish demand since July.

Stainless steel distributors are finding it difficult to raise price as market price continues to drop further and sales volume is reduced by a wide margin.

The reason is mainly due to sliding nickel price and slower demand. Most stainless steel distributors report operating loss in the first half, resulting from stock value drops.

It is still not clear in which direction the stainless steel market will go during the rest of the year, but some hope it could pick up in September because distributors are holding very low stocks.

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