New Delhi, May 14: Secondary steelmakers such as Bhushan Steel and National Steel on Wednesday announced up to Rs 4,000 per tonne cut on all flat products toeing the line of primary producers even as the govt is examining the merit of the steelmakers' request to lower export duty on the metal.

"The secondary steel producers have assured that they will reduce prices of their flat products by Rs 4,000 per tonne and maintain the new price line for the next three months," Steel Ministry Secretary R S Pandey said after a meeting with the steelmakers.

He said the government was examining the request by the steel industry to lower export duty.

He also made it clear that reduction of prices by steelmakers was conditional as the government had never assured to lower export duty.

Among the major secondary producers who have decided to slash their prices include Bhushan Steel, National Steel, Surya Steel and Maharashtra Seamless.

The price cut effected by them would help in containing spiralling prices of cold rolled, galvanised steel, tubes and pipes.

The producers have also pledged to import raw materials, process it and export it under the Advance Licensing Scheme to improve the domestic supply-side situation, he said.

Pandey said due to the current fiscal measures taken by the government prices of long steel products have come down by 20 per cent, while that of flat products too have declined.

The secondary steelmakers currently produce about 7 million tonnes of steel in the country.

Cement firms to cut rates

New Delhi: Within days of steel industry announcing price cut, cement companies on Wednesday agreed to cut rates by Rs 3-7.5 per bag of 50 kg with immediate effect.

The reduction will be implemented on the price prevailing on 1st April, Commerce and Industry Minister Kamal Nath told reporters after meeting major cement manufacturers in New Delhi.

The cement makers' decision will have a positive effect on inflation, which is over three-year high of 7.61 per cent.

The cut will not apply to companies that are already supplying cement at concessional rate to state governments, Nath said.

Cement company will hold the price line for at least three months, CMA President HM Bangur said.