India: Steel future gains momentum on news of price to be increase by Major Steel players in Oct

Monday, 27 September,

Steellong on NCDEX gained momentum in the opening trade after TATA steel, SAIL and Jindal announced a likely hike in steel prices from October by about 4-5 per cent.

Demand seems to be good in coming quarter on rising construction activities and good monsoon.

Steel prices in India have gone by Rs 500-800/MT in last few days.” Markets seem to be picking up momentum, after late monsoon.” said one of the steel manufacturers in central India.