South Korean steel manufacturer POSCO will increase stainless steel prices by at least 100,000 won per ton for the 300 and 400 series. The 316L grade will have an additional 100,000 won increase. However, specific rates will depend on the industry group. These price hikes are expected to address a deteriorating cost structure driven by expensive nickel, ferrochrome, and energy.
Besides, the company notified customers of a 50,000 won per ton hike for carbon steel products, including hot-rolled steel, cold-rolled steel, and heavy plates, representing a 5% increase.
Rising Middle East tensions and high exchange rates have pushed oil and logistics expenses to unsustainable levels. After absorbing these losses throughout the first quarter, POSCO can no longer withstand the financial pressure. This measure is predicted to trigger a broader trend of rising unit prices across the entire stainless steel, automotive, and construction material markets.