Forced to cut prices by 2-3% due to cheaper imports from Japan, Korea and China
At a time when the mining sector in Karnataka seems to be getting back on track, the steel sector faces another hurdle—pricing.
With global steel prices on a downswing, owing to low raw material rates, Indian companies are taking a hit on margins because of rising local iron ore rates. Domestic companies have also been forced to cut prices. In August, steel makers reduced prices by two to three per cent, not because of a slowdown in demand, but because of cheaper steel brought from Japan, Korea and China.