South Korean steelmaker POSCO announced last Friday that it decided to freeze prices for both 300 and 400 series stainless steel sheets for May in order to stabilize the domestic market.

According to POSCO, China’s stainless steel inventory decreased obviously recently. Big steelmakers actively raised their prices to make up for losses in the first quarter. South Korean domestic offers also started to rise back.

However, the current domestic demand is still not strong with low transaction volume. Therefore, POSCO decided to maintain its stainless steel prices after comprehensively considering market conditions.