Tata Steel has reduced flat steel products prices 4 per cent on account of a weakening global trend. The new prices will be effective November 1. Prices of long products will remain unchanged.
Other steel makers, including Steel Authority of India, Essar, Ispat Industries and JSW Steel, lowered flat steel product prices on Tuesday 3 per cent to 5 per cent (up to Rs 1,500 a tonne). “We have cut prices of our flat steel products. The reduction is in the the same range as other steel makers,” Tata Steel MD HM Nerurkar told reporters in New Delhi. Earlier in September, steel companies had increased prices by up to Rs 1,500 a tonne.
On Wednesday, metal indices were up 5.36 per cent on Bombay Stock. Tata Steel stock rose 5.33 per cent and closed at Rs 469.35