Falling Rupee against Dollar will support mild steel ingot prices across India. Scrap imports to India have almost stopped from last few weeks.Also there is limited supply of domestic scrap, reported local scrap trader based in Mumbai.
Currently HMS scrap prices are offered at Rs 27,500 (Inc All), where as imported scrap is expensive by Rs 2,000-2,500/t.
Gobindgarh: Despite weak demand in long products, prices are expected to be range bound.There is limited scope of correction on scarcity of scrap, reported steel traders.
Raipur: Prices unlikely to see downtrend, also sponge prices will hold firm in short to medium term.Ingot prices are trading in the range of Rs 32,500/t (Basic).
Chennai: Power cuts, Short supply of raw material and improved demand will keep steel prices firm. Currently Ingot prices are offered around Rs 37,500 (Incld Excise VAT extra), reported manufacturers.
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