Friday, October 08,
Indian steel futures noticed a positive movement after Chinese steel futures reopened with 1.5% high. Billet prices at LME also gave a positive sign as it closed at $454/Mt on 7th Oct.
Steel Long at NCDEX started trading at Rs 25,200/MT for Oct exp, markets gained momentum and reached at Rs 25,330/MT early during the day’s trade.
Physical steel prices in India remained constant at 25600-700/MT levels in Gaziabad. “Demand likely to remain low as India is approaching festive mood. Labour will be a problem, construction activities will slow down and so will be the demand of steel” said a TMT manufacturer based in Raipur, Chattisgarh.
Acoording to Industry experts, “Market will be range bound in next week as construction activities will remain low and prices of raw material don’t seem to go down in near future.” They also feel that although markets are fundamentally strong but are sentimentally weak.
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