Steel prices, production may come down

Indian steel makers may cut prices as well as production following a dip in demand in the domestic market caused by a global slowdown. The growth targets may also have to be revised from double digit to single digit, though the long-term expansion plans of companies could remain intact, they added.

“The production growth in the steel sector is likely to decline to 8-9 per cent this year from the expected 12-13 per cent due to global economic slowdown,” JSW Group CFO Sheshagiri Rao said.