JSW Steel cuts steel prices for April 2014 - Angel Broking

JSW steel in its filing to the stock exchanges has stated that it has cut the price of HRC steel by Rs. 500-750/tonne and wire rod prices by Rs. 500/tonne w.e.f from 1st April 2014. The cut in April is coming after several months of price hikes since the October 2013. The cut this time is due to the decline in global HRC prices and INR appreciation against the dollar in last one month which makes import parity price of steel come down.

The move is on expected lines and we believe other steel players will also follow and cut prices going forward. Hence, we maintain our Neutral rating on JSW Steel.

Source : Equity Bulls

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