December 28, 2009 / 8:16 AM / 10 years ago

S.Korea POSCO to keep stainless steel prices in Jan

SEOUL, Dec 28 (Reuters) - South Korea’s POSCO (005490.KS) will maintain prices of its stainless steel products for January at December levels, the company said in a statement on Monday.

Prices for hot-rolled stainless steel will remain at 3.05 million won ($2,610) per tonne and for cold-rolled stainless steel at 3.32 million won per tonne, the statement said.

“POSCO has decided to maintain domestic stainless steel prices in January, considering local and overseas market conditions, despite of the burden of rising costs from recent rallies in the price of nickel,” the steelmaker said in the statement.

It added that a decision was also made to reduce the price gap against imported steel.

London Metal Exchange nickel MNI3 hit the highest level in two months at $18,966 per tonne on Friday, after gaining more than 50 percent since the start of the year. ($1=1168.7 Won) (Reporting by Shin Jieun; Editing by Chris Lewis)

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