Steel Authority of India Ltd., the nation’s second-biggest producer, will cut prices of products used to make appliances and automobiles next month, a company executive said.

Prices of the so-called flat products will be reduced by as much as 500
rupees ($11) a metric ton, said the executive, who declined to be
identified before an official announcement.

“The companies will have to lower prices,” said Niraj Shah, a metal
analyst at Centrum Broking Pvt. in Mumbai. Prices of imported steel are
about 7 percent cheaper than domestic rates of the alloy, he said.

The New Delhi-based steelmaker reduced flat-product prices by as much
as 1,500 rupees a ton in November. Prices of the long variety, used
mainly for construction, will remain unchanged, the official said.

R.K. Singhal, company spokesman, declined to comment on the price cut.

Source: Bloomberg

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