MS Ingot price to remain weak due to falling raw materials offers

MS Ingot price opened weak this morning  accompanied by negative buying sentiment and falling scrap and sponge prices. Mandi Gobindgarh (North India) opened  MS Ingot at Rs 32200/MT (Basic) W-o-W down by Rs 200/MT. Following the line price in Raipur (Central), Durgapur (East) and Mumbai (West) are also expected to open down by Rs 100-200/MT

Scrap prices in Bhavnagar (North India) today opened  down by Rs 400/MT from Saturday’s close price. Essel mine (Orissa) has reduced Iron ore price by Rs 300-400/MT in line with falling Iron pellet prices that has offer of Rs 6500-6600/MT (Basic) loaded to wagon to Orissa Siding. 

Finish long buying is also weak as prices regularly fall from last week with limited buying. Raipur 12MM TMT is trading at Rs 31800-32000/MT (Basic) and Mumbai offer are at Rs 33500/MT (Basic)