Reuters reported that South Korean steelmaker POSCO has slashed its monthly stainless steel prices for July by KRW 200,000 Korean per tonne to reflect easing nickel prices, swinging back to price levels from a month earlier.

The world's fifth largest steelmaker at the end of May hiked its June prices for 300 stainless steel product lines by KRW 200,000 per tonne to reflect a nickel price rally.

London Metal Exchange nickel prices hit a 27 month peak of USD 21,625 per tonne on May 13, led by supply concerns following a January ban on ore exports by Indonesia but have eased to USD 19,000 levels pressured by a stock build.