Thursday, 07 October,
SteelMint Exclusive
Steel prices in Indian markets have corrected up to Rs 1,000/MT in last 3 days. Prices with the start of the month recently saw a rally after major steel players like TATA and SAIL announced hike in steel prices. Markets are highly volatile at this moment; experts feel that correction was necessary, as markets are fundamentally strong and sentimentally weak. Experts believe that recently Sensex had touched 20,000 mark on account of high liquidity in the market. Lot of new projects are coming up. Demand for steel will remain intact.
Indian steel futures noticed a sharp fall this week. Future prices have corrected up to Rs 700/MT due to weak sentiments.”There is a panic in the market, but we do not see any reason for it. Demand seems to be good as festive season is approaching in India and sales of white goods and houses will be high” said an industry expert based in Mumbai.
We need to see where will this correction stop and a fresh buying be witnessed in the market. We believe that markets are strong in mid-to-long term backed by good demand from automobiles and real estate sector.
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