Tuesday, 28 September,
SteelMint Exclusive
Hyderabad ingot and sponge iron demand remained strong, though finished demand was weak. Ingot trading at Rs 25,700/MT whereas sponge iron traded at Rs 18,000/MT. “There is a shortage of Sponge iron in the market after Karnataka govt tightened norms for movement of iron ore.” said one of the TMT manufacturer based in Hyderabad.
* Steellong on NCDEX gained momentum in the morning trade with a high of Rs 25720/Mt but went back to Rs 25,520/MT. “Demand is improving all over but we are not sure how sustainable are these levels.” said a local trader based in Mandi Gobindgarh.
“Demand in Maharashtra has picked up really well. We already have bookings till next Monday. This time the demand after Ganesha has come back strongly and has also continued for around a week now. And may remain for sometime as big players are planning a price increase”, said a TMT manufacturer based in Maharashtra.
We saw a mixed reaction after sudden increase in steel prices. Traders and manufacturers based in North and Central India are justifying the increase in price, but manufacturers in South believe these levels are not sustainable for a long time. “Demand has improved but we are doubtful if consumers will absorb such increase.” said a TMT manufacturer based in Chennai.
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