Posco Cuts September Stainless Steel Prices as Nickel Drops

Bloomberg reports the price of stainless steel will drop following a drop in the cost of nickel, a primary ingredient in the building material.

The market news is quoted as saying,

Prices of 300-series hot-rolled coils will decline by 100,000 won ($92) a metric ton to 3.6 million won in September from this month, the Pohang, South Korea-based company said today in an e-mailed statement. Prices of 300-series cold-rolled products will be reduced by the same amount, or 2.5 percent, to 3.87 million won, it said.

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