Do Azure have a low-cost cloud storage service like Amazon Glacier?
No, Microsoft Azure does not offer a service equivalent to Amazon Glacier. Glacier is built on top of Amazon S3. Equivalent to Amazon S3 is Microsoft Azure Blob Storage.
UPDATE - 06-November-2017
Recently Microsoft Azure offered a new access tier called Archive Tier
which is similar to Amazon Glacier (and other cloud provider's long term storage solution for archival purpose). You can read more about this here: https://azure.microsoft.com/en-in/blog/announcing-the-public-preview-of-azure-archive-blob-storage-and-blob-level-tiering/. I also wrote a blog post about the same that you can read here: https://gauravmantri.com/2017/10/15/understanding-azure-storage-blob-access-tiers/.
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