It’s reported that Korean steelmaker POSCO Specialty Steel announced to hike its domestic sales prices for austenitic grades wire rods and bars by KRW 200,000 per tonne for May orders in order to offset higher nickel prices.

Also, the company has increased the price for consecutive two months. However, the company remained its prices for ferritic grade wire rods and bars unchanged.

Meanwhile, South Korea’s output of special steel bars including stainless and high carbon and alloy steel bars totaled 191,500 tonnes in February, rising by 14% YoY.