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.

Other major steel company, Essar Steel has also slashed prices by Rs 4,000-5,500 a tonne. Tata Steel and Ispat Industries are likely to reduce their price within a week.