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| India Eco Summit: SAIL to cut prices soon |
| Press Trust of India / New Delhi Nov 10, 2009, 17:02 IST |
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The country's largest steel maker, Steel Authority of India (SAIL), which has cut prices of some of its products by up to Rs 1,500 a tonne, today said it will reduce the rates further by about Rs 500 a tonne, mainly on falling global demand.
"A small correction of Rs 400-500 per tonne will happen soon for the flat steel products. Its rates should stabilise at marginally lower levels," SAIL Chairman S K Roongta told reporters at the India Economic Summit here.
The company generally revises the rates of its products every month. Earlier this month, it had cut prices of its flat steel products, used mainly by automobile and white goods industries, by Rs 750-1,500 a tonne. It is now expected to review the prices downwards next month.
The state-owned entity has not changed the price structure of the long steel products, consumed primarily by construction and infrastructure companies. "Long products prices are already quite low and it should stay at this level," he added.
With the rise in demand in the domestic market, Roongta said the company is aiming to sell 8-10 per cent more than than that of the last financial year. However, he did not divulge any figure for the same.
Prices of steel products vary in the range of about Rs 29,000-47,000 per tonne in the domestic market. Global prices have softened by about USD 50-60 a tonne in past two months mainly due to fears of oversupply from China in the international market.
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