Pakistan Steel Mills on Monday announced reduction in the prices of Hot Rolled Coils up to Rs 3,000 per metric tons with immediate effect, a move aimed at rationalising prices in line with international market, dealers said. With current decline, the average prices of HRC have declined to Rs 70,300 per ton from Rs 73,300 per ton, they added. They said some reduction is also expected in the prices of other steel products in next few days as the prices are constantly on decline in international market.