NEW DELHI (Commodity Online): India state run steel utility, Steel Authority of India Ltd (SAIL), once again reduced the prices flat steel by Rs 500 per tonne in the tandem of weakening global prices.

Talking to reporters SAIL Chairman, S K Roongta said, the flat prices are expected to stabiles this level and expressed the hope that the prices would not fall from this level. Trading platform that even a 5 year old can trade. Join now

Earlier this month, the PSU had reduced the prices of its flat steel products in the range of Rs 750-1,500 a tonne. The total cut in flat product prices for November would now be in the range of Rs 1250 to Rs 1500 per tonne, instead of the earlier announced Rs 750 to Rs 1,500 per tone reduction in the rate, a SAIL spokesperson said.

Even though prices of long steel products had not been cut, steel makers say the rates in this segment continue to be under pressure. In September, these firms had revised the prices of their products upward by up to Rs 1500 a tonne.