It’s reported that Korean Posco Specialty Steel (Posco SS) announced to cut its domestic prices for austenitic stainless steel wire rods and bars by KRW200,000/ton and KRW100,000/ton respectively for May in order to reflect lower nickel prices and weak demand. Meanwhile, Posco SS remained its prices for ferritic stainless wire rods and bars unchanged for May.

It’s known that nickel prices at LME have continued falling. The cash prices at LME closed at US$14,975/ton on May 1st, decreasing by US$1,400/ton from early April.