State-run steel maker SAIL on Monday cut prices of some of its products, used primarily by the automobile and the white goods industry, by a further Rs 500 a tonne mainly on weak global demand.

“We have cut out flat steel prices by an additional Rs 500 a tonne
mainly on the softening global trend. I don’t expect prices to fall
from this level and it would stabilise at this level,” Steel Authority
of India Limited chairman SK Roongta told reporters in New Dlehi.

Earlier this month, the PSU had reduced prices of its flat steel products in the range of Rs 750-1,500 a tonne.

The total cut in flat product prices for the month of November would
now be in the range of Rs 1,250 to Rs 1,500 per tonne, instead of the
earlier announced Rs 750 to Rs 1,500 per tone reduction in the rate, a
SAIL spokesperson added.

Another leading steel maker Tata Steel has reduced the prices of its products in the same range.

Even though prices of long steel products had not been cut, steel
makers say the rates in this segment continue to be under pressure.

In September, these firms had revised the prices of their products upward by up to Rs 1,500 a tonne.

Source: PTI

Search to find what you want

• Steel Authority of India cuts prices by up to 10 U.S. $ per ton

    India’s state-run steel maker SAIL cut the prices of its flat steel products, used mainly by automobile and white goods industry, by up to Rs 500 (US$10.81) a tonne on account of weakening global demand.

• Indian steelmakers set to slash prices

    Steel Authority of India (SAIL) has decided to slash prices of flat steel products sold in the spot market by up to 3% or Rs 800/tonne owing to mounting threat from low-priced imports. Other steel producers, including Ispat, Essar and JSW, are likely to follow suit this month

• Indian steel firms to hike prices in New Year

    India’s SAIL, Essar and Ispat, all steel majors, are all set to hike prices by 3-4% or Rs 1,000-1,500 per tonne in January in line with rising global prices. In November, international steel prices had gone up over 5% following a rise in demand. The price hike, which will be

• Angang Steel hikes steel prices for December

    China Knowledge reported that Angang Steel Co Ltd one of China top three steel producers has raised the prices of its major steel products for December.

• Stockholders cargo ship after 17 weeks ending price hike

    Beijing Business Daily the steel prices eyed a steep fall by the highest record of CNY 500 per tonne to CNY 600 per tonne which ended the price hikes for 17 weeks in a row last week. The market insiders believed that this price adjustment would help to ease the upward

• Steel prices fall in China, India feels tremors

    With steel prices heading southwards in China, India’s domestic market may witness a slump in the coming days. China is the largest producer and consumer of steel. Steel prices in China slid 10-12% to around $510/tonne level in the last three weeks, after hitting a high of around $600/tonne in

• SAIL may cut steel prices soon

    State-run steel maker Steel Authority of India Ltd (SAIL) on Thursday said that it may cut prices of some of its products in near future.

• Baosteel to raise prices in January by up to 600 yuan per ton

    China’s top steelmaker Baosteel has put up its January prices for main products, by 300 to 600 yuan a metric ton (tonne). Baosteel’s hot-rolled steel prices have been raised by 300 yuan/tonne. Prices of cold-rolled steel rose by 550 yuan/tonne; those of pickling steel by 400 yuan/tonne; hot-dipped galvanizing by

• Excise hike may push up steel prices by Rs 600 per tonne

    The domestic steel companies such as SAIL and Tata Steel are likely to increase prices by about Rs 600 a tonne on account of the increase in excise duty in the Budget.

• Dealers expect falling prices of steel reinforcements in the UAE

    Emirates Business 24|7 reported that UAE traders have temporarily either stopped or reduced imports of reinforcing bars from Turkey expecting a decline in prices. Prices of rebar have been increasing by about USD 40 compared to July and continue to hover around the USD 520 per tonne mark. Industry officials are however

• Tata Steel prices may increase slightly

    With demand likely to pick up in the automobile and infrastructure sector, steel prices may increase marginally, says a leading private producer Tata Steel. “If the demand is good, if the economy improves…Then there is a chance of prices marginally going up,” Tata Steel Managing Director B Muthuraman said. “Demand is picking up.

• Domestic prices do not fall soon: SAIL

    The state-owned steel major Steel Authority of India (SAIL) today ruled out any reduction in domestic steel prices in the near-term, citing the firming global price trend and the rising input costs. “As of now, the international prices are firm; scrap and coke prices are ruling high

• South Korea POSCO says steel prices to increase

    South Korea’s POSCO, the world’s No. 4 steelmaker, said on Thursday it would raise prices of its stainless steel products by up to 3.2 percent for those to be released in March due to rising raw material prices. It said in a statement that prices of hot-rolled stainless steel product

• Indian flat steel product prices dip 5%

    India’s top private steelmakers, including JSW and Ispat, have slashed prices of flat steel products sold in the spot market by up to 5% or 1,500/tonne in line with softening prices internationally. The new prices, which have become effective from November 1, will bring down cost of raw material for

• Steel prices will remain stable, says Tata Steel

    Tata Steel managing director H.M.