Indian Steelmakers plan production cut
The Financial Express without saying where it obtained the information reported that Indian steelmakers may cut prices and reduce output as demand declines.
The report cited Mr Seshagiri Rao finance director of JSW Steel Ltd as saying that “Production growth in the Indian steel industry is likely to decline to about 9% from as much as 13% because of a global economic slowdown.”
The report said that Indian consumers have begun importing from countries such as China and Ukraine as global steel prices have fallen by about USD 350 per tonne in the last couple of months.
According to Mr Rao, Indian companies will have to reduce prices because the local market will be flooded with cheaper imports.