Amid slowdown, steel companies reduce prices for automakers by 14%

A steel producer said lower prices would hopefully support the auto sector

For the automobile sector reeling from slowdown, there could be some breather from steelmakers lowering contract prices by 11-14 per cent for the second half (H2) of the financial year (2019-20 or FY20).

Some have already sealed half-yearly contracts for the auto segment; others are in the process of finishing them. 

“The auto industry is an important stakeholder for the steel industry. It is important for us to support them when they are facing challenges,” said a leading steel producer that has already closed negotiations. It added, “It’s in the nation’s interests that both survive and grow. Hence, we support