Saturday, January 15,
Prices in semi-finish market continued to follow the downward trail. Whereas, some price revision was noticed in the Finish market. Overall trade volumes remained low as buying was limited.
January contract on NCDEX climbed around 680 points to close at Rs 28,340/MT and February contract gained 690 points to reach at Rs 28,800/MT.
According to a trader in West, “Some buying was seen at the current level and demand from construction sector improved. Prices have moved up very quickly in past few days making buyers cautious in their approach. Going forward prices might stabilize at the current level or might correct by Rs100-200/MT but no major correction is seen in the near future as demand seems to be improve”
Spot coking coal prices in International market hit $290-300/MT. However, Indian steel mills have not yet sensed any panic to buy aggressively in the spot market as they are well covered for the March quarter in terms of current inventories and shipments on the way, said a steel manufacturer based in India.
The crunch is likely to be there for the April-June period. Given that spot cokingcoal market is relatively small and non Australian suppliers are mainly inNorth America where the freight cost to India is much higher, he added.
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