HELSINKI (Reuters) - Nokia , the world's top cellphone maker, cut prices of many of its phones by up to 10 percent in late July, with the steepest cuts in music and media phones, according to market data and industry sources.


The price cuts from the Finnish manufacturer, which controls 40 percent of the cellphone market, will put further pressure on its smaller rivals like Sony Ericsson , who has focused on music and camera phones.

A European industry source said on Thursday that Nokia had cut prices across the portfolio, while market data from its home country Finland showed the sharpest falls in retail prices of music phone models 5310, 5610 and multimedia handset N81 8GB.

A Nokia spokesman declined to comment on price cuts. "If we would start to comment on prices there would be no end, they are changed so often," he said.

(Reporting by Tarmo Virki; Editing by Erica Billingham)
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