Chandigarh: Steel prices on Wednesday moved down by Rs.1,000-2,000 per metric ton (MT) in Punjab, a day after the alloy producers agreed to stop export, steel traders said. The Punjab traders said that the rates are expected to fall down further by another 1,000-1,500 per MT within a couple of days.

“The prices have softened because of the announcement by the Indian Steel Alliance that the steel producers would immediately stop export,” said a Mandi Gobindgarh-based trader adding, “in view of the present situation, the prices might further go down a little bit more.”

Although the steel prices have softened in the State, the light engineering industry has accused the state-based induction furnaces of not passing on the benefit to them by creating false propaganda that there was no demand for steel in the State. — PTI