S.Korea POSCO says cuts July stainless steel prices on nickel drop

SEOUL, July 1 Mon Jun 30, 2014 9:37pm EDT

SEOUL, July 1 (Reuters) - South Korean steelmaker POSCO said in a statement on Tuesday it has slashed its monthly stainless steel prices for July by 200,000 Korean won ($200) a tonne to reflect easing nickel prices, swinging back to price levels from a month earlier.

The world's fifth-largest steelmaker at the end of May hiked its June prices for 300 stainless steel product lines by 200,000 won a tonne to reflect a nickel price rally.

London Metal Exchange nickel prices hit a 27-month peak of $21,625 a tonne on May 13, led by supply concerns following a January ban on ore exports by Indonesia but have eased to $19,000 levels pressured by a stock build. ($1 = 1011.5000 South Korean Won) (Reporting by Meeyoung Cho; Editing by Joseph Radford)

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