Indian steel producers slashes price of the metal

NEW DELHI (Scrap Monster): In the domestic Indian market the value of long steel products have been declined by 11.32 dollars (700 INR), and the value of flat steel products have been declined by 4.04 dollars (250 INR).

The whole global market is under the threat of diminishing price of steel due to the bulk of cheap Chinese steel imports, which forces the domestic producers to cut down the price of their produce in order to safeguard their market. The ratings at CSI Steel saw the highest decline as the  value of steel declined by 4 percent, 475 dollars per tonne. The price of cold rolled coils in China fell by 10 dollars to 465 dollars per tonne.

JSW Steel, commented that, even a small change in the international market will affect the domestic market of the country.the company stated that, it is has not yet taken any decision regarding the price of steel.

The price of the steel making raw material, iron ore, had been declining so drastically. The ban on steel production in china, to improve the  environmental conditions and to decrease the  rate of air pollution in the country had made the conditions for iron ore even worse.