Due to the slower demand in South Korea and the fact that the price of nickel is falling, South Korea-based Hyundai Steel will start its fourth production cut in stainless steel cold rolled (CR) this year, said an official from Hyundai Steel. At the moment Hyundai has a capacity of 200,000tpy in stainless steel cold rolled coil. The other company, Posco, has also announced that it will slash stainless steel output by 25,000tns in September. Stainless steel mills in Asia are cutting production in an effort to stabilize the market.
