October 19 (Raipur)
Steel prices in Mandi Govindgarh have a seen a sharp jump in past two days. This buying is majorly coming from traders, Traders based in Mandi Govindgarh are anticipating high steel prices in short term post festival holidays.
Mixed Sentiments among traders across India
Steel prices witnessed mixed sentiments across the country. Prices in North India seen a sharp jump, where as prices in Maharashtra and Southern India were almost constant. Traders based in Mumbai are expecting prices to correct further.” At present hyderabad is the preferred location for us to buy TMT, followed by Raipur and Jalna. Prices are high at these levels; I am expecting a correction of Rs 500-700/MT said a TMT trader based in Mumbai.”
We are in a view that, it will be too early to say that high steel prices are justified. Traders adopt a wait and watch policy before markets can take a proper trend. More over low trading volumes were noticed across India.” We used to trade 250-300/MT of finished steel, but looking at price volatility our volumes have one down to 60-70/MT” said a structure trader based in Raipur.
Reported by Richa Sharma
richa@steelmint.com
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