Thursday, 30 September,
SteelMint Exclusive
Steel prices at major mandis’ have come down at the same pace they had jumped up early this week. Basing it on our research, below are a few view points on the current markets:
– Ingot prices in the past one week moved up quickly as if the concerned people were waiting for an opportunity to increase prices (this was the case actually). Traders are of view that absorption of such prices is difficult as demand has not picked up that well yet. Some were also of an opinion that the interim demand that was witnessed was from people who wanted to stock-up as the news of price increase by big players from October 1 was already heard.
– Ayodhya’s pending verdict has had a direct or an indirect effect on consumer’s decisions. Manufacturers are of view that people may have postponed there purchases till the verdict is announced.
“Demand and prices should improve Friday onwards as consumers have been waiting for the Ayodhya verdict. There is gonna be very limited business on Thursday, the day of the verdict”, said an Ingot manufacturer based in Raigarh.
Verdict on Ayodhya is gonna play an important role in people’s decisions between today and tomorrow. It may be a good idea to be cautious for a couple of day. As visible, there would be more clarity on the markets after the verdict has been spelled.
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