Indian steelmakers reduce HR prices for November

Indian steelmakers reduce HR prices for November

Sources report that major Indian steelmakers decided to reduce their hot rolled coil prices effective as of November, due to pressure from softening international steel prices. Steelmakers, who decided to cut their prices, include Steel Authority of India Ltd (SAIL), Essar Steel, Ispat Industries, and JSW Steel. Tata Steel reportedly has not announced any price reduction yet. The steelmakers will cut their hot rolled coil prices by Rupees 500 ($11) per ton, which will take the spot price down to around Rupees 21'000 ($464) per ton. This means that the price level for customers will be at around Rupees 26'000 ($574) per ton including 16 percent excise duty and freight charges. Pressure on the prices stemmed from cheap imports and higher inventories, industry sources report.