October 12, 2008

JSW Steel cuts galvanized sheet prices

Reuters reported that JSW Steel Ltd has reduced prices of galvanized corrugated sheets by INR 500 to INR 1,000 a tonne.

Mr MVS Seshagiri Rao finance director of JSW Steel said that "The cut is not across all the products but only for low cost housing and roofing products."

Mr Rao said that its revenues will be hit slightly by the price reduction. He added that "Definitely, some impact will be there as input costs continue to be high, but I can't tell you by how much."

It may be noted that India's large steel firms such as TATA Steel and Steel Authority of India Limited rolled back prices of long products by INR 2,000 a tonne after a meeting with the steel secretary late on April 3rd 2008.