SAIL cuts prices again
State-owned Steel Authority of India Ltd (SAIL) has announced a cut in prices of steel used by the white goods and auto industry by Rs500 per tonne. Confirming this SAIL chairman S K Roongta said," We have further cut flat steel price by Rs.500 a tonne because of softening global trend." However he asserted that he didn’t see the price falling any further.
It may be recalled that the company had recently brought down prices of its flat steel products by Rs750 to Rs1,500 a tonne. After the latest reduction, prices will now be in the range of Rs1,250 and Rs1,500 per tonne.
Taking a cue from SAIL, private sector steel maker Tata Steel also reduced prices of its flat steel products. However, there has been no change in the prices of long steel products.