Steel producers offer to cut prices by Rs4,000 a tonne

Leading steel producers have offered to reduce prices of hot rolled coils by Rs4,000 a tonne, as part of efforts to ease inflation.

Steel prices have risen 49% during the past one year triggering concerns that soaring prices of the metal was augmenting inflationary pressures on the economy.

Leading steel makers who formed the Indian Steel Alliance (ISA) as their umbrella organisation dissolved it amid fears that the industry was indulging in cartelisation.

Incidentally, ISA had been on the forefront of a campaign against imposing export duty and setting up a regulator for the industry.