Tata Steel cuts steel prices by up to Rs 1,500 a tonne

New Delhi, Aug 11 (PTI) Tata Steel on Monday said it has
reduced prices of some of its products primarily consumed by
the construction sector by up to Rs 1,500 per tonne in view of
the prevailing market scenario.

"We have reduced prices of long steel products by Rs
1,000-1,500 a tonne in line with the current market trend,"
Tata Steel Spokesperson told PTI over phone.

The price revision has been implemented with an immediate
effect, he added.

Earlier this week, Tata Steel Vice-President (Safety and
Long products) Hridayeshwar Jha had said that there was scope
for a "correction in prices of the long steel products
depending on market conditions and the monsoon season."

Leading domestic steel producers including SAIL, JSW
Steel have already announced a reduction in prices of the long
steel products by up to Rs 2,000 per tonne effective August 1.

Demand for the long steel products have come down amid
the monsoon season and increased supply in the domestic
market as most of the secondary steel producers and TMT bar
manufacturers restored the production cuts. PTI SCV
SDE
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