In the wake of a slump in steel prices globally, primary and secondary steelmakers including Ispat, Essar, JSW and Uttam Galva are learnt to have slashed metal prices by up to Rs 2,000 per tonne in the spot market with effect from September 1. This works out to a 4-4.5% cut in prices across different grades of steel, taking prices to the lowest level since March this year. However, as industry insiders say, this is just a temporary softening of prices. It may go up again by the year end.
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