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India’s steel mills cut prices for competitiveness against imports

India’s steel mills decided to cut steel prices for April delivery and offer some discounts for its customer, considering to the price competitiveness against the imports.

It’s known that Steel Authority of India (SAIL) and JSW Steel decreased the ex-factory prices of hot rolled coil (HRC) by INR3, 250/ton since March.

After that price dip, the HRC ex-factory prices from the local mills was more competitive than that of imports. However, buyers were still waiting for the lower prices.

Industry sources predicted that the importers would reduce the prices further in the near future.