SAIL cuts prices by up to Rs 2,000 a tonne | business | Hindustan Times
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SAIL cuts prices by up to Rs 2,000 a tonne

The country’s largest steel maker, SAIL, on Wednesday said it has cut prices of its long products -- used primarily in construction -- by Rs 1,500 to 2,000 per tonne and may further lower the rates if the situation so warrants.

business Updated: Jul 08, 2009 17:28 IST

The country’s largest steel maker, SAIL, on Wednesday said it has cut prices of its long products -- used primarily in construction -- by Rs 1,500 to 2,000 per tonne and may further lower the rates if the situation so warrants.

“We have brought down prices by Rs 1,500 to 2,000 a tonne on July 1 on our long products. Monsoon is setting in, so construction activities (will) come down. If the market situation demands, we will bring the rates down further,” SAIL Chairman S K Roongta said on the sidelines of the Assocham steel summit.

However, the steel maker said it will continue with the withdrawal of the Rs 500 to 750 per tonne rebate announced on the flat steel products -- mainly used by the automobile and the consumer durable sectors -- last month.

Steel giant Tata Steel, which raised prices of some of its products last month by Rs 500 to 750, said there is no scope for increasing prices of the commodity in the near term and the domestic prices will continue to move in tandem with the global trend.

“Indian steel prices will be in tune with the global trend. If the global trend goes down, it will go down and if the global trend is up, the prices will go up. In the short term there is no scope for us (Tata Steel) to increase prices,” Tata Steel Managing Director B Muthuraman said.