Barely 24 hours after public sector steel behemoth SAIL cut its prices by Rs 500 to Rs 2000, domestic steel majors Essar Steel and Ispat Industries on Friday announced cut in their prices by seven to eight per cent due to rising inventories owing to reduced global intake. "Essar Steel has revised prices for its products in the domestic markets. The prices will be lower by approximately five to eight per cent and will come into force with immediate effect," a Essar Steel spokesman told PIT. He said with the import duty now at five per cent, domestic steel prices are in line with international rates. Therefore, any decrease or increase in prices are due to the international prices, he pointed out.
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