There is some relief tosecondary steel producers in Indian market. Low inventory and strong finish demandhas revived steel prices, which have moved up to Rs 300 per tonne in today’strading. Mandi Ingot is trading at Rs.31450-500 (Basic) per tone, higher by Rs200-250 from yesterday, similarly Raipur Ingot is trading at Rs 28900-29000(Basic) per tone higher by Rs 300.
Market participantsanticipate bullish trend to continue and prices to move up further in Februaryand March.
“Demand from re-baris increased in Maharashtra, M.P and Northern India, chances are high thatmomentum will continue looking at demand and low inventories with traders andstockists.” said a steel trader based in Raipur.
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