The country's largest state-run steel maker, SAIL, today said it may cut prices of its products by more than Rs 500 per tonne in November on weakening international trends.
"There is a need to reduce the prices of flat steel products in line with softening international prices. Long steel prices in India are also under pressure, the reduction could be higher than Rs 500 per tonne," SAIL Chairman R K Roongta told reporters here.
Steel prices have globally softened up to 50 dollars per tonne mainly on account of over capacity at Chinese steel mills.
Last week, SAIL had ruled out any increase in the prices of its products for November citing stable market scenario.
SAIL had hiked steel prices in August and September by up to Rs 1,500 per tonne.
