At 12.53 hrs IST, the Steel long on NCDEX was down more than 1% on back of negative global cues.
Steel futures down by around Rs 250 /MT in the after noon session.
Shanghai was down close to 4% on growth concerns, negative economic data and liquidity crunch due to ongoing world’s largest IPO in China.
The investors across the globe were betting on relative safe havens indicating a rebound in gold and parking of money into government treasuries.
Shanghai’s main index fell to a 14-month low, while Japan’s Nikkei was poised for its worst quarter since October-December 2008 as European debt worries curbed investors’ risk appetite.
Physical market also looks weak in India as MS ingot trading at Rs 28300/MT in Mandi Govindgarh.
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