Tata Steel on Wednesday said it has cut prices of some of its steel products mainly on account of weakening global trend.
“We have cut prices of our flat steel products. It is in the same range as other steel makers have done,” Tata Steel Managing Director H M Nerurkar told reporters on the sidelines of CII steel summit here.
Other steel makers SAIL, JSW Steel, Essar, Ispat Industries had yesterday cut prices of their products by up to Rs 1,500 a tonne.
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Earlier in September, the steel companies had revised the prices of their products upward by up to Rs 1,500 a tonne.
With the increase in production at Chinese steel mills and with over supply scenario in the international market, domestic steel makers did not change the price structure in October.