South Korea: POSCO freezes stainless steel prices amid rising costs, hikes 316L extra tags in Dec’24

South Korean steelmaker POSCO froze prices of 300 and 400 series stainless steel for Dec’24 sales, despite rising costs from weakening LME nickel levels, a strong dollar, and increased electricity costs. It seems that POSCO aims to minimise customer inventory burden amid subdued demand and concerns over China’s Jan’25 offers. However, prices of 316L extra will rise KRW 100,000/t ($71/t) due to higher molybdenum costs.