Secondary steel makers to cut prices by up to Rs 4,000

New Delhi, May 14 : Secondary steel makers, Bhushan Steel and National Steel , have announced up to Rs 4,000 per tonne cut on all flat products toeing the line of primary producers even as the government is examining the merit of the steelmakers' request for lower export duty on the metal.

"The secondary steel producers have assured that they will reduce prices of their flat products by Rs 4,000 per tonne and maintain the new price line for the next three months," Steel Ministry Secretary, R S Pandey said after a meeting with the steelmakers.

He clarified that the reduction of prices by steelmakers was conditional as the government had never assured to lower export duty.

The producers have also promised to import, process and export raw materials under the Advance Licensing Scheme to improve the domestic supply-side situation, while confirming the decline in prices of flat steel products specifically long steel products by 20 per cent due to current fiscal measures taken by the government, he added.

Among the major secondary producers who have decided to slash their prices include Bhushan Steel, National Steel, Surya Steel and Maharashtra Seamless.

The price cut will contain spiralling prices of cold rolled, galvanised steel, tubes and pipes. The secondary steelmakers currently produce about seven million tonnes of steel in the country.

ANI