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30 October 2009 at 17:10 IST
SAIL to trim steel prices in line with global trends
NEW DELHI (Commodity Online): India’s state run steel utility, Steel Authority of India Ltd (SAIL) is planning to reduce steel prices in the tandem with falling global prices.
Talking to reporters, SAIL Charmain R K Roongta said that it is inevitable to reduce the prices of flat steel more than Rs 500 per tonne in order to compete weakening global prices.
Steel prices have globally softened up to $50 per tonne mainly on account of over capacity at Chinese steel mills.
Last week, SAIL had ruled out any increase in the prices of its products for November citing stable market scenario. SAIL had hiked steel prices in August and September by up to Rs 1,500 per tonne.
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