Semi finish price after loosing by 2-3% in last week see signs of relief as price started recovering over limited production and improved demand.
Mandi Gobindgarh (Punjab) that is considered benchmark of market sentiments recovered by INR 150/MT that ignited price in Mumbai, Durgapur, Raipur and Ghaziabad by INR 200-300/MT.
Major reason stated for improved buying in North India (U.P.) were – Low Production and improved trader buying to restock before festival. Similarly, Mumbai TMT buying also increased as trader felt prices are bottom out and they expect it to remain high after Diwali when market reopen.
In raw material Scrap prices in Alang showed sharp hike of INR 400-500/MT whereas other places prices remain subdued. Sponge prices also remain stable due to increased production and low demand. Price in south India remain bearish as trader offer remain low from manufacturer by INR 300-400/MT .
Sources says Primary Re-bar manufacturer may keep prices stable for Nov’13, 12 mm in Mumbai is offered at INR 37,200/MT (Basic) whereas Secondary manufacturer offers are at INR 33,000/MT.
Leave a Reply