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Print[Ferro-Alloys.com]Reportedly, POSCO Specialty Steel has announced to cut the domestic prices of austenitic stainless wire rod and bar for August 2012 deliveries in response to declined nickel prices.
POSCO SS decided to reduce the domestic prices of stainless wire rod and bar by KRW 200,000 per tonne and KRW 100,000 per tonne respectively for August 2012.
It's known that the nickel prices have decreased below USD 16,000 per tonne since the middle of July 2012.
Meanwhile, according to data released by the Korea Iron and Steel Association, South Korea's production of specialty bars totaled 222,400 tons, falling by 2% MoM.
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