Jindal Stainless Ltd has cut prices of its 300-series products by as much as 5-6 per cent, following a drop in nickel prices globally.
"We have cut the prices of our benchmark 300-series by Rs two to three per kg on some products and Rs five to six per kg on others, a revision of up to five to six per cent," a company spokesperson said today.
Nickel prices have come down to $17,000 per tonne from $30,000 per tonne over the last three months in the international market, following which the cut was announced, he added.
"Pricing of stainless steel is very dynamic in nature as it is linked to prices of nickel, a basic raw material used in producing stainless steel," the spokesman said.
Fall in nickel prices is in line with the overall softening of commodity prices including oil, copper, gold, globally, he further said.