POSCO to cut stainless steel prices for December

SEOUL,  (Reuters) - South Korea’s POSCO <005490.KS>, the world’s No.3 steelmaker, said on Monday that it will cut prices of its major stainless products for the first time in five months because of sluggish local demand and price gaps with imported products.

The company said prices for hot-rolled stainless steel products would fall by 200,000 won ($172.9) to 3.6 million won per tonne in December from the previous month, while cold-rolled product prices would decline by 200,000 won to 3.87 million won per tonne.

“We cut prices to narrow the price gap with imported goods, and ... to invigorate the depressed local market,” POSCO said in a statement.

POSCO has maintained or increased stainless steel product prices since August.