SEOUL, Aug 27 (Reuters) - South Korea's POSCO , the world's No.3 steelmaker, said on Friday it will raise prices of major stainless steel products by 5.9 percent for September to reflect rising raw material costs.
Prices of POSCO's hot-rolled stainless steel products would rise by 200,000 won, or 5.9 percent, a tonne to 3.55 million won ($2,983) from September and cold-rolled products would increase by 5.5 percent to 3.82 million won, the company said.
The company said earlier this week that it planned to keep stainless steel production at full capacity next month as demand remains strong despite concerns of a potential slowdown on a weak global economy.
The price adjustment comes after POSCO kept its August stainless steel prices unchanged to encourage local market demand.
Shares in POSCO finished down 0.41 percent versus the flat broader market.
($1=1190.1 Won)
(Reporting by Ju-min Park; Editing by Jacqueline Wong)
((ju-min.park@thomsonreuters.com; +82 2 3704 5650; Reuters Messaging: ju-min.park.thomsonreuters.com@reuters.net)) Keywords: POSCO STAINLESS/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Prices of POSCO's hot-rolled stainless steel products would rise by 200,000 won, or 5.9 percent, a tonne to 3.55 million won ($2,983) from September and cold-rolled products would increase by 5.5 percent to 3.82 million won, the company said.
The company said earlier this week that it planned to keep stainless steel production at full capacity next month as demand remains strong despite concerns of a potential slowdown on a weak global economy.
The price adjustment comes after POSCO kept its August stainless steel prices unchanged to encourage local market demand.
Shares in POSCO finished down 0.41 percent versus the flat broader market.
($1=1190.1 Won)
(Reporting by Ju-min Park; Editing by Jacqueline Wong)
((ju-min.park@thomsonreuters.com; +82 2 3704 5650; Reuters Messaging: ju-min.park.thomsonreuters.com@reuters.net)) Keywords: POSCO STAINLESS/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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