POSCO to cut stainless steel 300 series prices by KRW 500,000/t ($382/t) in Aug’22

POSCO plans to cut prices of stainless steel 300 series by KRW 500,000/t ($382/t) in Aug’22 owing to drop in nickel prices, as per SteelDaily reports. In July, LME nickel prices plummeted to the level of $19,000/t due to US interest rate hikes, China lockdown, and concerns about a global economic downturn.