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SAIL cuts long product prices

NEW DELHI: Steel Authority of India Ltd. on Wednesday said it had cut the prices of its long products used primarily in construction by Rs. 1,500-2,000 a tonne and might further lower the rates if the situation so warranted.

“We have brought down the prices by Rs. 1,500-2,000 a tonne on July 1 on our long products. Monsoon is setting in, so construction activities will come down.

If the market situation demands, we will bring the rates down further,” SAIL Chairman S. K. Roongta said on the sidelines of a summit here.

However, the steel maker said it would continue with the withdrawal of Rs. 500-750 a tonne rebate announced on the flat steel products — mainly used by automobile and consumer durable sectors — last month.

Tata Steel, which raised prices of some of its products last month by Rs. 500-750, said there was no scope for increasing the prices of the commodity in the near term and the domestic prices would continue to move in tandem with the global trend.

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