It is reported that South Korean steel giant POSCO planned to continue reducing production of stainless cold rolled coils to stabilize market prices as the domestic retail prices have almost touched the bottom.

It's known that POSCO will cut its output of stainless CSC by 10,000 tonnes for August 2012.

In fact, POSCO has trimmed stainless steel production by 50,000 tonnes in the second quarter of 2012.

However, the production cut still can't help to support the prices due to weak demand and continuously falling nickel prices.

Meanwhile, the South Korea steel giant remained its August 2012 list prices flat. Its list prices for 304 grade hot rolled coils are at KRW 3.3 million per tonne and that for 304 grade cold rolled coils is at KRW 3.57 million per tonne.

Source - www.yieh.com)

(www.steelguru.com)