POSCO had agreed to lower contract prices for iron ore by 10 to 13% in the fourth quarter from the previous quarter.

The South Korean steel mill also said it had agreed to cut hard coking coal prices by 7% for the fourth quarter. But it forecast that spot prices of iron ore and coking coal would trade higher in the first quarter due to tighter supplies, as the steel market is expected to rebound, led by China and India.

(Sourced from Reuters)