Steel makers to cut prices, production targets to be revised

Posted: Monday, Oct 13, 2008 at 0107 hrs IST
Updated: Monday, Oct 13, 2008 at 0107 hrs IST

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New Delhi, Oct 12 : no case for it as India’s infrastructure sector continues to grow.

Many Chinese steel mills have reportedly decided to cut production by up to 15% due to slump in demand and declining prices.

Recently, world’s largest steel producer ArcelorMittal had announced a cut production at its various units across globally.

In the first half of 2008, steel prices were at a higher pedestal, mainly on the buoyed demand from China, where 29th edition of Olympics were held. The demand fueled steel prices, which almost doubled from last year’s level.

Thereafter, steel consumption declined, mainly due to lack of demand from the infrastructure sector in the midst of global slowdown.

Consuming industries have also withheld their demand expecting a further fall in prices leading to a additional decrease in consumption.

—PTI...

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