NEW DELHI (Commodity Online): Even though several of Indian steel manufacturers hiked steel prices, the public sector understating SAIL may cut prices of some of its products soon.

The company last week had raised prices of flat and long products by Rs 1,500. Since long steel product prices have gone up to a certain level, there may be some correction in the category in near future.

Long steel products are mainly consumed by construction and infrastructure sectors.

The steel ministry had also expressed concerns on increase in steel prices by domestic firms, including SAIL and Tata Steel, which own captive reserves of iron ore and coking coal.

Many steel firms had cited increase in input cost besides the demand surge for price increase.

Meanwhile, ArcelorMittal is planning to set up its third steel plant — a six million tonne plant — in Karnataka. The plant would entail investments of Rs 22,000-25,000 crore.

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