Tata Steel cuts prices by up to Rs 1,500/ton

Tata Steel said on Tuesday it has reduced prices of some of its products primarily consumed by the construction sector by up to Rs 1,500 per tonne in view of the prevailing market scenario.

"We have reduced prices of long steel products by Rs 1,000-1,500 a tonne in line with the current market trend," Tata Steel Spokesperson told PTI over phone.

The price revision has been implemented with an immediate effect, he added.

Earlier this week, Tata Steel vice-president (safety and long products) Hridayeshwar Jha had said that there was scope for a 'correction in prices of the long steel products depending on market conditions and the monsoon season."

Leading domestic steel producers, including SAIL, JSW Steel, have already announced a reduction in prices of the long steel products by up to Rs 2,000 per tonne effective August 1.

Demand for the long steel products have come down amid the monsoon season and increased supply in the domestic market as most of the secondary steel producers and TMT bar manufacturers restored the production cuts.