Flat steel product prices slashed by 5%
Leading private steelmakers including JSW and Ispat, have cut prices of flat steel products sold in the spot market by up to 5% or 1,500/tonne in keeping with global trends. The new prices, which have become effective from November 1, are expected to bring down cost of raw material for key sectors including automobile and consumer durable companies.
The move to cut prices come close on the heels of state-run steel producer Steel Authority of India’s (SAIL) decision to cut prices of flat products by Rs750-1,500 a tonne across categories early this week on account of weak global trends. Prior to the cut, steel prices were hovering between Rs32,000-34,000/tonne in the domestic spot market.