Thursday, 14th July
MS Ingot prices across the major locations remained standstill with negative bias, prices at futures market remained volatile for the day & tried to gain the lost ground during the late evening session.
§ Yesterday, Prices at Mandi Gobindgarh traded between Rs. 31,300-31,150/ ton during the day, Gaziabad markets witnessed trade at Rs.30,900/ ton higher by Rs.100/ton. On NCDEX prices for July’11 contract opened at Rs.30,610/ton moved towards day’s high at Rs.30,750/ton, made a low at Rs.30,300/ton & settling the day at Rs.30,500/ton.
§ Prices at NCDEX moved within a range of Rs.450/ton during yesterday’s trade, close to 20,000 tons of Steel changed hands on the electronic platform.
§ From the domestic markets, 4 days power cut is been announced at Mandi Gobindgarh market for the next two weeks. For the first 4 days Furnaces will be closed, followed by Rolling Mills for the next 4 days.
§ Yesterday, GAziabad traded at discount to Mandi Gobindgarh by Rs.400/ton, which earlier was trading at Rs.200/ton discount , in line MZF prices traded at discount to MGC by Rs.500/ton which earlier was at par, In line Mumbai markets traded at discount by Rs.2300/ton to GAziabad during yesterday’s trade .
§ Currently, markets are in backwardation for July’11 contract, difference between spot & future at Gaziabad is trading by Rs. 200/ton.
§ July’11 – Aug’11 contract witnessed spread moved in the range of Rs. (350)—(220)/ton. Around 4280 tons of OI is shredded from the contract bringing cumulative OI close to 47,300 tons. Intention for Early delivery is as follows
|
Location |
Quantity |
Unit |
Buy/Sell |
|
Chennai |
800 |
Mt |
Sell |
|
Bhiwandi |
540 |
Mt |
Sell |
§ On the Warehouse, 400 tons of Ingot & Billet at Bhiwandi & 244 tons of Billets at Chennai are in process, total deposits at Mandi Gobindgarh, Gaziabad, Raipur, Chennai & Mumbai at 15,244 tons.
§ Currently, Mandi Gobindgarh is trading at Rs. 31,200/ ton(basic), Muzzafaranagar trading at Rs.34,000(excise including)/ ton , Mumbai is being quoted at Rs.28,500 per ton, GAziabad witnessed trades at Rs. 30,900/ ton during the evening session yesterday.
Source: NCDEX
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