SEOUL, July 1 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)