State-run Steel Authority of India (SAIL) may cut flat steel product prices by Rs 1,500-2,000 per tonne from June 1, a top company official said today.
"The domestic inventory has piled up following rising imports and hence the price cut is likely to be implemented from June," SAIL's Assistant General Manager, Flat Steel, R K Shrivastava told reporters on the sidelines of an industry conference here.
Currently, SAIL produces 12.5-million tonnes of steel, of which 60 per cent is flat steel and 40 per cent long steel. Flat steel products are used mainly by appliance and auto makers.
The price cut is seen temporary in view of imports, which have risen currently due to strong domestic demand, Srivastava said.
SAIL is the leading steel-making company in India. It is a fully-integrated iron and steel-maker, producing both basic and special steels for domestic construction, engineering, power, railway, automotive and defence industries and for sale in export markets.