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Steel companies slash prices by up to Rs 700 a tonne

02 Nov 2010 Evaluate

Leading steel-makers SAIL and JSW Steel has slashed prices of their products by around Rs 700 a tonne amid a softening global trend and appreciation of the Indian rupee against the US dollar. As far as flat products are concerned, in view of a slight drop in international prices and strengthening of rupee vis-a-vis dollar, small correction of 1-2 per cent has been made in the prices of hot-rolled products for a short period to match the international prices.

 

Flat products are primarily consumed by the white goods and auto industry, while long items are used by construction and infrastructure firms. As far as long products are concerned, the prices are being rolled over and it is expected that prices may marginally improve from the second week onwards.

 

The rupee has appreciated by about 5 per cent against the dollar since September. It closed at 44.47/58 against the US dollar today. JSW did not increase the prices of its long products and galvanised (zinc-coated) products.

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SAIL Share Price

167.90 1.80 (1.08%)
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Company Name CMP
Tata Steel 206.55
JSW Steel 1204.00
SAIL 167.90
Jindal Stainless 765.15
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