Steel firms may drop prices of flat products by up to Rs 1,500 a tonne

Demand factor in India hasn't changed but it's the global phenomenon taking its toll on India

Steel companies are likely to drop prices of flat products by up to Rs 1,500 a tonne in one of the steepest downward revisions this financial year. It is likely to be made official on Monday. The possible drop is on the back of a global softening of prices, sliding exports from India and rising imports from FTA countries such as Korea and Japan.

Globally, steel prices have corrected with China recording its highest monthly production at 82.5 million tonnes (mt) as against an average 70-73 mt. With limited countries to supply the excess production to, what with the trade wars,