Steel Authority cuts price again

The state-owned Steel Authority of India Ltd (SAIL) Monday said that it has reduced the price of its product used by the white goods and auto industry by Rs.500 per tonne. The reduction has come because of softening global trend. However SAIL chairman S.K. Roongta asserted that he didn't see the price falling further from these levels.

SAIL recently brought down prices of its flat steel products by Rs 750 to Rs 1,500 a 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.crackcrack