Though integrated steel producers led by the country's largest steel manufacturer, Steel Authority of India Ltd (SAIL) cut prices of flat products in the range of Rs 4,000-6,000 per tonne on Saturday, there are not many takers for it. Ruias-promoted Essar Steel on Sunday slashed retail prices of steel by 4,000-5,000 rupees per tonne, a day after JSW Steel and SAIL reduced steel prices mainly due to slackening of demand and correction in the international prices. "We have reduced the prices forretail segment for Essar Steel hypermart customers by 4,000-5,000 rupees per tonne," an Essar Steel spokesperson told FE, The retail segment accounts for 20-25 percent of the Essar's total sales.
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