Monday, 27 September
SteelMint Exclusive
SteelLong on NCDEX went up by almost 180/MT in the morning trade, trading at 25560/MT. In line with the exchange, most of the major mandis’ witnessed an increase in Ingot and Sponge prices.
Mandi Gobindgarh also responded positively to the movement in the exchange. It opened the day at 28,800/MT and went up to 28,950/MT although major trading has happened at Rs 28,900/MT levels which is also the current level at Mandi.
“Bombay is witnessing improved demand for TMT and being quoted at Rs 29000-29500/MT basic price. Demand post Ganesha is coming up well in Western India”, said a TMT trader based in Maharashtra.
Raipur Ingot market opened at Rs 24900-25000/MT in the morning hours backed by high Sponge prices now being traded between Rs 18,500-700/MT. TMT in Raipur today touched Rs 28,000/MT mark with larger brands going as much as Rs 28,500/MT. “With a sudden increase in finish prices, it may be too early to comment whether the market will be able to absorb such levels especially in the current scenario”, said one of the TMT manufacturers based in Raipur.
Present Ingot prices in Durgapur are hovering between 26900-27000/MT. Sponge crisis continues to disturb the manufacturers, presently in the range of 18,700-800/MT. “Demand for finish goods continues to be weak in West Bengal”, said a finish manufacturer based there.
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