State-run steel maker Steel Authority of India (SAIL) today cut prices of some of its products, used primarily by the automobile and the white goods industry, by a further Rs 500 a tonne mainly on weak global demand.
"We have cut out flat steel prices by an additional Rs 500 a tonne mainly on the softening global trend. I don't expect prices to fall from this level and it would stabilise at this level," SAIL Chairman S K Roongta told reporters here.
Earlier this month, the PSU had reduced prices of its flat steel products in the range of Rs 750-1,500 a tonne.
The total cut in flat product prices for the month of November would now be in the range of Rs 1,250 to Rs 1,500 per tonne, instead of the earlier announced Rs 750 to Rs 1,500 per tone reduction in the rate, a SAIL spokesperson added.
Another leading steel maker Tata Steel has reduced the prices of its products in the same range.
Even though prices of long steel products had not been cut, steel makers say the rates in this segment continues to be under pressure.
In September, these firms had revised the prices of their products upward by up to Rs 1,500 a tonne.
