Saturday, June 11,
Ingot prices in Mandi Gobindgarh edge lower on Saturday to reach the level of Rs 31,800/MT with a further negative bias. Steel Long on NCDEX also saw a price correction and the most active June contract fell below the level of Rs 31,000MT for the first time during the week.
Hyderabad market looks like the weakest market in the whole country. We saw a price rise of Rs500MT across all product categories following the price rise on NCDEX but many manufacturers have started reporting that they are not able to pass on the price hike and they may soon see a roll back of prices to the previous week levels of Rs 28,200/MT.
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