JSW Steel on Tuesday cut prices of its two steel products– hot rolled coil (HRC) and wire rod.

Prices of various grades of HRC were reduced by ₹500 to ₹750 a tonne, and the wire rod price by ₹500 a tonne. Prices of other products were left untouched.

Global prices

Jayant Acharya, Director, Commercial and Marketing, JSW Steel, said: “Considering the international steel prices and the appreciation of the Indian rupee, the company has adjusted domestic prices downward to align it with the landed cost of import.

“The domestic demand has seen an improvement in the last quarter.

“We are optimistic that steel consumption will rise in the current fiscal by around 5-6 per cent in line with the projected GDP growth of the country.”