Reuters reported that POSCO would maintain its November stainless steel prices at this month's levels, expecting domestic demand to pick up slightly up next month for restocking.
It may be noted that POSCO trimmed prices by about 4% in September 2009, setting prices of hot rolled stainless steel at KRW 3.25 million per tonne from September 28th 2009 and prices of cold rolled stainless steel at KRW 3.52 million, after three consecutive monthly increases.
A statement from POSCO said that "Distribution markets have a growing consensus that prices have reached a bottom, as nickel prices have swung back to rises. Buyers who refrained from purchases in September and October are expected to increase purchases in November as their inventories have been lowered."
