MS Ingot in Mandi traded at Rs 32,700 after a correction by Rs 200 and touching as high as Rs 33000. Low productivity and financial issue is a concern prevailing in North market. Imported scrap availability will increase as the offer price has been reduced by $5-8/ton, said local manufacturer based in Ludhiana. Ludhiana imported 1,08,000 tons scrap in March’13 that was down by 15,000 ton from Feb’ 13 as per custom records.
Prices in Raipur are stable at Rs 29000 with increased re-bar demand in the region. TMT demand from southern region has improved in last few days, said TMT manufacturer. Conversion from Ingot to TMT is ranging at Rs 5,000 that was earlier at Rs 3,500-4,000 range. Conversion has improved over reduced VAT from earlier 5% to present 3%, said TMT trader. Sponge prices are standstill at Rs 19,900-20,100 (basic) with pellet sponge difference widening to Rs 1,500 as offer prices are at Rs 18,500 (Basic).
Market in Rourkela is standstill at Rs 27200++ with major deal placed in local region. Similarly prices in Raigarh are at Rs 28,600-700 (basic) where no deal heard to conclude in U.P sector as price parity in Raipur market is feasible. Raigarh 60-70% materials presently offered to Raipur and Nagpur at freight Rs 700 and Rs 1,200 respective, said broker.
Future platform MCX STEELRPR April’13 contract is trading at Rs 28,480 low by Rs 110 from opening price of Rs 28,590.
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