The Hindu Business Line : Ispat toes peers' line, cuts prices up to Rs 5,500 a tonne

NEW DELHI: In keeping with the industry trend, Ispat Industries on Tuesday slashed the rates of its steel products by up to Rs 5,500 a tonne, to stay afloat in the domestic market, which is witnessing a surge in cheaper imports amid softening of prices g lobally.

“We have cut our rates for international price parity,” Ispat Industries Executive Director Mr Vinod Garg said. The company has cut the prices of its steel products like chequered coil by over 13 per cent to Rs 35,900 a tonne as against Rs 41,400 per ton ne in the month of October.

Its sheet gauge will now be available at Rs 34,900 a tonne against Rs 40,400 per tonne last month, according to the company's figures. In the past few days, major steel producers like SAIL, RINL, JSW Steel and Essar Steel have slashed their rates by up t o 20 per cent.

State-run Rashtriya Ispat Nigam Ltd had yesterday made the biggest cut in the prices of its products by as much as Rs 8,500 a tonne. “Any price has to be in sync with the market. As steel prices are currently down, we ought to lower the rate too in order to be in tune with the present market conditions,” RINL chief P K Bishnoi said.

SAIL and JSW Steel had announced the price cut on Saturday, whereas Ruias-led Essar Steel had slashed rates on Sunday by up to Rs 6,000 a tonne to ward off the threat of cheaper shipment from China and Ukraine amid a dip in demand.

While state-run SAIL slashed its prices by Rs 4,000 to Rs 6,000 per tonne, Sajjan Jindal-led JSW Steel lowered prices of its HR Coil by Rs 5,500 a tonne, a third consecutive cut in as many months. - PTI

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