Steel companies cut prices to spur demand

Mumbai: India’s top primary steelmakers have reduced prices on the benchmark hot-rolled coil (HRC) by up to 3% for July, halting the pace — and sequence — of increases that began about a year ago as the world economy began its journey out of an unprecedented lockdown.

Prices have been reduced Rs 1,500 to Rs 2,000 a tonne for the month of July, which is traditionally a month in which demand is tepid due to a reduction in construction