After the decision of Indian steel giant Steel Authority of India Limited to cut steel prices, other steel companies have started to slash prices. JSW Steel took the initiative and reduced the prices of HR coils by Rs 5,500 a tonne. The company had already reduced steel prices in October.

It has reduced steel prices by 25-30 percent. The company said in a statement that it would go for price reduction according to the prices in the international market. The recent reduction in steel prices would check the import of steel and it would be available in domestic market at reasonable prices.

The government today withdrew the 15 per cent export duty on pig iron, iron and steel ingots, bars and rods, angles and sections. It also replaced the 15 per cent ad valorem export duty on iron ore fines. The export duty on scrap and iron ore lump remains unchanged.

The ministry also withdrew full exemption from basic customs duty on import of ferro-molybdenum and ferro-vanadium. The items will now attract basic customs duty of 5%.
 

Stock market analysts have maintained ‘buy’ rating on Jindal Steel & Power Ltd stock with an intraday target of Rs 765.

According to them, interested traders can purchase the stock above Rs 692 with a strict stop loss of Rs 682. If the stock market remains positive, the stock pricing becomes more attractive, and reach above Rs 772.