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Steel majors such as Tata Steel, SAIL and JSW Steel may resort to price cuts to cope with a glut created by surging imports into India from China, Russia and South Korea. Analysts expect prices of hot-rolled steel to fall 4-5 per cent this month. Prices may not recover unless the government acts to curb imports. In Mumbai, prices of hot-rolled coils have declined 10 per cent since July to about ₹34,000 a tonne. JSW Steel reported its lowest profit in five quarters for the October-December quarter.
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