Secondary steelmakers such as Bhushan Steel and National Steel announced on Wednesday up to Rs 4,000 per tonne cut on all flat products, toeing the line of primary producers, even as the government is examining the merit of the steelmakers' request to lower export duty on the metal.
"The secondary steel producers have assured that they will reduce prices of their flat products by Rs 4,000 per tonne and maintain the new price line for the next three months," Steel Ministry Secretary R S Pandey said after a meeting with the steelmakers.
He said the government was examining the request by the steel industry to lower export duty. He also made it clear that reduction of prices by steelmakers was conditional as the government had never assured to lower