New Delhi, Nov 16 (IANS) The state-owned Steel Authority of India Ltd (SAIL) Monday said it has reduced the price of its product used by the white goods and auto industry by Rs.500 per tonne.

'We have further cut flat steel price by Rs.500 a tonne because of softening global trend,' SAIL chairman S.K. Roongta told reporters here, but asserted he didn't see the price falling further.

SAIL recently brought down prices of its flat steel products by Rs.750 to Rs.1,500 a tonne.

After the latest reduction, prices will now be in the range of Rs.1,250 and Rs.1,500 per tonne.

Taking a cue from SAIL, private sector steel maker Tata Steel also reduced prices of its flat steel products.

However, there has been no change in the prices of long steel products.