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Our Bureau

New Delhi, Nov. 1 Steel Authority of India Ltd (SAIL), the largest steel manufacturer in the country, today reduced steel prices in the range of Rs 4,000-6,000 across all product categories.

With this round of reduction, the average price of hot-rolled steel produced by SAIL comes down to the range of Rs 31,000-32,000 a tonne. The reduced price came into effect from November 1.

Other private sector steel companies had reduced prices of their products in phases in October but SAIL had held prices.

Primary steel producers in the private sector such as Essar, Ispat and Jindal had cut prices in the range of Rs 4,000-6,000 last month.

A portion of the total price cut was shown as reduction in the quoted price and the remaining portion as rebate on the price.

In case of SAIL also, the total amount of price cut will have two elements – reduction in quoted price and increase in concessions.

Explaining the concession scheme an official said, “We have a system where we charge extra for particular qualities. This is called quality charge.”

“We may waive off this quality charge in some cases, which will make the product cheaper for the buyer,” he said.

More Stories on : Steel | Announcements | Steel Authority of India Ltd

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