POSCO, the world's fourth-largest steelmaker, said Tuesday it will hike prices for some of its stainless steel products for the seventh time this year later in the week on higher nickel prices in international markets.

For orders placed Wednesday and later, the prices of 300 series hot- and cold-rolled stainless steel products are to be lifted by 200,000 won (208.30 U.S. dollars) a ton to 3.51 million won and 3. 78 million won, respectively, the company said.

POSCO has upped the price of stainless steel products almost every month since May, compared with a yearly low of 2.02 million won a ton at the end of last year, the company said.

POSCO's third-quarter net profit came to 880 billion won, up 24 percent from three months earlier due to the price hikes and cost- cutting efforts, the company said in a regulatory filing on Oct. 13.

Source: Xinhua