JSW Steel reduces HR spot price up to Rs 1,000

JSW Steel has reduced the spot price of HR coils up to Rs 1,000 with effect from today.

"Europe's reduced procurement activity due to summer holidays and the growth in production in China in the first six months of the calendar year has exerted some downward pressure on prices," Seshagiri Rao, finance director of the company, said here.

"The company views this as a short term correction in line with international trends," he said.

The company is currently "reviewing the cost structure and the international price trend" for Zinc and "a decision for revision, if any, will be announced soon for the value added products,"  he added.