PTI

Steel companies cut prices by up to Rs 1,500 a tonne

Tue, Nov 3 07:07 PM

New Delhi, Nov 3 (PTI) The country''s top steel makers SAIL, JSW Steel, Essar, Ispat Industries today cut prices of their products by up to Rs 1,500 a tonne, mainly on account of falling global demand. "We have cut prices of our flat steel products (used primarily by automobile and the white goods industry) in the range of Rs 500-1,500 a tonne," a SAIL spokesperson told PTI. JSW Steel cut the rates of its products in the same segment by up to Rs 1,400 per tonne, while Essar Steel and Ispat Industries reduced prices by up to Rs 1,000 a tonne.

The steel makers did not alter the prices of long steel products, used by construction and infrastructure companies. "Globally prices have got corrected by about USD 50-60 a tonne in the last two months.

Also, Rupee has appreciated compared to its September level. Both the factors made us cut our prices," JSW Steel Joint MD Sesahgiri Rao told PTI. The Rupee appreciated against the Dollar by about 3 per cent to 46.96 by the end of October as compared to 48.04 level in September-end.

A Essar Steel spokesperson confirmed the price cut and said "the increase in steel imports in past few months is hurting the domestic industry." PTI SCV.

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