In past few days we saw a volatile market movement that indicates an existing demand. But, owing to volatility, it has reversed the buying sentiments. Market participants believe prices to remain at same level with the following reason: 

1) Increased production of MS Ingot/Billet: Market is expected to remain unchanged in coming days across India. Prices of Sponge may increase owing to equivalent production compared to increased production of MS Ingot/Billet.

2) Affect of up-coming festivals: In the coming days, the two festivals Makar Sankranti & Pongal might have its major affect in northern and southern regions of India. Also, trading is expected to remain stable in this period.

[su_quote]“We don’t see any major change in prices for coming days. Prices are up already, compared to last year and buying of Finish material is also at an average level. Chances of demand for Finish Long products to improve in near term are limited’’ , commented a manufacturer based in Hyderabad.[/su_quote]

3) Finish buying remains stable: Buying of Re-bar and Structures across the country was good in previous days. SteelMint assessed that from past 2-3 days, buyers are waiting to purchase material with an expectation that prices may correct in the near term, said a Rebar manufacturer based in Durgapur.

[su_quote]“Re-bar buying continues to remain within a range bound. On an average each Re-bar manufacturer sold about 200-400 MT per day and this situation is being followed from last 10 days”, commented a Re-bar manufacturer based in Raipur, Central India.[/su_quote]