India's SAIL cuts flat product prices - chairman

Wed Nov 4, 2009 11:29am IST

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NEW DELHI, Nov 4 (Reuters) - Steel Authority of India Ltd (SAIL.BO: Quote, Profile, Research) has cut flat product prices by 750 rupees to 1,500 rupees ($16 to 32) a tonne, its chairman said on Wednesday.

The company expects prices to stabilise at these levels, S.K. Roongta told reporters at an industry conference.

SAIL, the country's top producer of the alloy, posted an annual rise in sales of 30 percent in October. ($1=47.1 rupees) (Reporting by C.J. Kuncheria; Editing by John Mair)

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