The Steel Authority of India (SAIL) plans to reduce the price of flat-steel products sold in the spot market. In response to the rising supplies of low-cost imports, costs will be reduced by up to 3 per cent or Rs 800 per tonne. More precisely, SAIL is looking to cut flat-steel prices by Rs 500–800 per tonne. The change is congruent with international steel prices that have dipped to $450–500 per tonne. At present in India, basic flat-steel products are being sold at a rate of Rs 32,000–33,000 a tonne. Prices of long-steel products, useful in construction, have already been reduced and are stabilising. |
