POSCO said it would raise stainless steel products prices by 3.2% due to rising raw material prices.

"Prices of hot-rolled stainless steel product would rise to 3.25 million won ($2,803) a tonne from 3.15 million won, and cold-rolled product would also increase by 100,000 won to 3.52 million won," it said in a statement

"Prices of raw materials, including nickel and chrome, are bullish in recent trades with the expectation for recovering demand, and this upward movement is expected to continue for a while," the POSCO statement said.

"Accordingly, global stainless steel prices are on the rise, and foreign stainless steel millers are actively seeking to raise their prices."