Sail lowers steel prices by 4-8%

State-owned Steel Authority of India (Sail) today lowered its prices by 4-8% and owed it to correction in global prices due to liquidation of invetory across the countries.

However, a spokesperson of the country's largest steel producer said "the prices would start firming up in a lead time of one to one-and-a-half months."

This is the third straight month when the steel behemoth effected a cut in prices. The steel market, known to be cyclical in nature, is undergoing a decline in prices following inventory stockpiling and a lower demand from China.

In fact, China has doubled its exports in the first 5 months of the year, leading to surge in global supplies, instead of the earlier supply shortage.