Major Indian steelmakers have announced a price reduction in the range of Rupees 700-1,500/mt (approx. $22) in HR prices, effective as of September 1, 2006.
Accordingly,
Tata Steel has cut its spot HR prices by Rupees 750-1,000/mt (approx. $18);
SAIL has cut its product prices by Rupees 700-1,500/mt (approx. $24); JSW Steel has cut
HRC prices by Rupees 1,000/mt (approx. $22); Essar Steel has cut
HRC prices by Rupees 850/mt (approx. $18); and Ispat has cut its spot
HRC prices by Rupees 750-1,000/mt (approx. $18).
$1= Rupees 46.5