MS ingot prices at major mandis' moved up in the range of Rs 100-500/MT apart from Ludhiana where prices went
down by Rs 100/MT.
MS ingot at Mandi Gobindgarh was
being quoted at Rs 31,900-32,000/MT during the day i.e. up by Rs 100/MT from
previous trade. In Alang, MS ingot wad traded at Rs 30,900/MT i.e. hike by Rs
500/MT from the last trade due to the shortage of Scrap. Whereas, Ingot prices at
Raipur remained traded at the same Rs 30,400/MT.
October'11 future contract on
NCDEX remained highly volatile and prices opened at Rs 29,880/MT, touched a low
at Rs 29,740/MT during the day.
Currently, markets are in
backwardation for October'11 future contract, difference between spot &
future at Ghaziabad is trading around by Rs 2,870/MT, which is a worry for market.
Comment by
Trader, Mandi Gobindgarh: “Induction furnaces keeping their production
closed for certain days for pickup in demand as everybody seems to be in
cautious mode and are waiting for a direction.”
High disparity between physical and future markets might take steel long at NCDEX high, he added.
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