Posco Raising Steel Price 8 Percent

Posco, South Korea’s biggest steelmaker, is hiking prices as much as 8 percent, the Chosun Ilbo newspaper reported Thursday.

Posco’s move, which takes effect Wednesday, comes as the cost of iron ore was raised 19 percent by the world’s main iron producers and nickel jumped 17 percent to $20,000 per ton.

Posco said it will hike stainless steel prices by $200 per ton.