Steel cos slash prices by up to Rs 700 a tonne

Leading steel-makers SAIL and JSW Steel today slashed prices of their products by around Rs 700 a tonne amid a softening global trend and appreciation of the Indian rupee against the US dollar.

"As far as flat products are concerned, in view of a slight drop in international prices and strengthening of rupee vis-a-vis dollar, small correction of 1-2 per cent has been made in the prices of hot-rolled products for a short period to match the international prices," SAIL Chairman C S Verma said.

Verma, however, said prices of certain zinc-coated products have been increased "marginally" on account of the rise in prices of the metal.

Flat products are primarily consumed by the white goods and auto industry, while long items are used by construction and infrastructure firms.

SAIL further said it has not raised the prices of its long-steel items.

"As far as long products are concerned, the prices are being rolled over and we expect that prices may marginally improve from the second week onwards," Verma added.

JSW Director (Commercial and Marketing) Jayant Acharya said, "We have made about a 2 per cent correction in hot-rolled products mainly due to the appreciation of rupee vs dollar."

The rupee has appreciated by about 5 per cent against the dollar since September. It closed at 44.47/58 against the US dollar today.

JSW did not increase the prices of its long products and galvanised (zinc-coated) products.

Meanwhile, an Essar Steel spokesperson said the company is yet to take a call on revising the prices of its products.

"We are reviewing the prices," an Essar spokesperson said. Officials of another steel-maker, Ispat Industries, did not respond to queries on their plans for a price revision.