State-run steel maker SAIL today cut prices of its flat steel products, used mainly by automobile and white goods industry, by up to Rs 500 a tonne on account of weakening global demand. However, the company did not alter the rates of its long steel products, primarily consumed by infrastructure and construction companies.
The move by the country's largest steel producer is likely to be followed by other leading steel makers like Tata Steel, JSW Steel. The prices of products offered by SAIL vary in the range of Rs 29,000-40,000 a tonne.
Steel prices have fallen by around USD 150-200 a tonne in past two months to about USD 400 a tonne due to fear of overcapacity in Chinese steel mills. SAIL had cut prices of the same segment by up to Rs 1,500 per tonne last month, propelling other steel makers to do the same.
crackcrack| Company Name | CMP |
|---|---|
| Tata Steel | 206.60 |
| JSW Steel | 1215.20 |
| SAIL | 166.10 |
| Jindal Stainless | 779.95 |
| APL Apollo Tubes | 2064.15 |
| View more.. | |
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