Leading steel maker JSW Steel today cut prices of its products by up to Rs 1,400 a tonne, mainly due to the softening global trend.
"Globally prices have got corrected by about $50-60 a tonne in the last two months. Also, Rupee has appreciated compared to its September level. Both the factors made us cut our prices," JSW Steel Joint MD Sesahgiri Rao told PTI.
JSW has cut prices of its flat products, consumed primarily by automobile and the white goods industry.
Rates of its long steel products, used mainly by construction and infrastructure sector, has not been altered. "Long steel prices are under pressure since July. They are already low," Rao added.
The move by JSW Steel follows country's largest steel maker SAIL's announcement that it is considering revising steel prices downwards by more than Rs 500 per tonne.
The rupee appreciated against the dollar by 2.25 per cent to 46.96 by the end of October as compared to 48.04 level in September-end.
Domestic steel players like Tata Steel, Essar Steel, Ispat Industries are expected to follow suit.
The steel makers had in September revised the prices of their products upward by up to Rs 1,500 a tonne.
Prices of flat steel products vary in the range of about Rs 29,000-40,000 per tonne in the domestic market.
