Indian steelmaker Steel Authority of India Ltd (SAIL) has lowered prices of flat steel products by Rupees 500-1,000/mt ($12-24/mt) effective as of July 1, 2007. The company has also announced that it is keeping prices of long steel products unchanged.
Meanwhile, Jindal, Ispat and Essar have also announced a reduction, of around Rupees 800/mt ($20/mt), for July deliveries.
However, it is reported that reductions for big customers may be higher than the officially announced price cuts.