It is reported that POSCO will cut the price of the rust resistant metal by as much as 10%, the first reduction this year, after the cost of nickel declined.

As per report, the price of 300 series hot rolled products will fall by KRW 400,000 a tonne to KRW 3.65 million from August 18th 2008. Cold rolled product prices will drop by KRW 400,000 a tonne to KRW 3.92 million.

POSCO has kept its 400 series stainless prices unchanged from July 2008. The price of stainless 430 HRC is currently KRW 1,990,000 per tonne, while 430 CRC is now KRW 2,370,000 per tonne.

Nickel has slumped by 32% this year as rising supplies outpace demand from steelmakers. World stainless steel demand probably won't recover until early 2009 as soaring energy prices and a property slump in major economies curb consumption.