There is some relief to secondary steel producers in Indian market. Low inventory and strong demand has revived steel prices, which have moved up to Rs 1,500 per tonne in last one week.
Market participants anticipate bullish trend to continue and prices to move up further in January.
“There is strong demand from re-bar manufacturers, chances are high that momentum will continue looking at demand and low inventories with traders and stockists.” said a steel trader based in Bengal.
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