POSCO Specialty Steel has announced to cut the contract prices of austenitic stainless wire rod and bar by KRW 100,000 per tonne for January 2012 shipment.

The firm stated that though nickel prices were higher in last December, it still decided to cut the contract prices of austenitic stainless wire rod and bar, considering to the shrunk demand from end users.

Also, POSCO Special Steel declined the domestic prices of ferritic wire rod by KRW 100,000 per tonne for January 2012.

(Sourced from www.yieh.com)