The steel major JSW Steel has announced a slash in prices of their HR coils amounting to Rs. 5,500. The reduction in total is now 25-30 percent as the industry already reduced its prices by 8-12 per cent in October.

The international prices that plummeted up to fifty percent from $1200-1250 a tonne between February and July compelled the national producers to lower down its mark bringing it to a level close to their marginal cost of production. The cost of production was higher as the coal prices were also set at a higher mark for the whole year.

While JSW has announced its stance, other steel companies such as Essar Steel and government owned SAIL has also reduced its prices by Rs 4,000-5,500 a tonne and Rs 4,000-6,000 a tonne respectively. Tata Steel and Ispat Industries are also expected to follow the same trend.