Finally, good news for all the Steel users, who had been churning in between the high prices of steel. The government has instructed the domestic steel makers to cut the prices if the global prices deprive further. Due to slowdown in demand of the material, the international steel prices have come down to $ 950 - $1000 per tonne from $1300 a tonne.

P K Rastogi, steel secretary informed, “Global steel prices have already softened and if the trend continues, it calls for a reduction in the domestic market too.”

Kolkata-based Visa Steel Limited, a subsidiary of Visa Minmetal AG, has informed that it has entered into a Memorandum of Understanding (MoU) with the Government of Chhattisgarh.

The Vietnam steel project will give 65% equity stakes to Tata Steel Global Holding, and a 30% stake in Thach Khe iron Ore Company.