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.

“We have reduced flat steel product prices by up to Rs 500 a tonne,” a SAIL spokesperson said.

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 (BSE:500470),
JSW Steel (BSE:500228).

However, an Essar Steel spokesperson said, “The company is maintaining
the price line of its products which are mainly of value-added grade as
globally prices have firmed up in that segment.”

Tata Steel and JSW Steel did not confirm any change in prices of their products at the time of filing of the story.

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 US$150-200 a tonne in past two
months to about US$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.

Source: Steel Authority Of India Ltd

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