South Korea’s POSCO said Wednesday it will raise hot-rolled stainless steel prices by 7.4 percent in March due to high nickel prices. POSCO will raise the price to 3.65 million won (US$3,855) per metric ton from March 17.
It will also raise the price of cold-rolled stainless steel products by 6.8 percent to 3.92 million won per ton.
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POSCO considering stainless steel plant in Vietnam
POSCO Co. Ltd , the world's third-largest steel maker, said Wednesday the company is considering building a stainless steel plant in Vietnam but no details have been decided.
"We've just started a feasibility study to build a cold-rolled stainless steel plant in Vietnam," an official at the firm said.
"This is a very early stage. We have not decided any details such as volume of the plant."
POSCO has been looking for an opportunity to enter Vietnam as a gateway to the Southeast Asian market, the world's largest steel importer.
The South Korean steel maker has already committed to invest a total of US$1.13 billion in Vietnam for hot-rolled and cold-rolled steel plants by 2012.
Shares in POSCO rose 0.62 percent to 408,500 won by 0205 GMT, outperforming a 0.02 percent fall in the broader market.
