Falling prices of steel futures has kept
sentiments weak in physical market. Buyers are reluctant to take positions
even though industry experts feel that markets have bottomed.
“Induction Furnaces in Mandi Gobindgarh have decided to go on a 3-day strike w.e.f. 15th May to protest the hike in merchant power rates”, said sources.
Prices in Hyderabad moved up by Rs 500/MT as demand
for TMT improves and high raw material cost“, said a trader.
“Currently, Power in Tamil Nadu is being made available for not more than 18 days in a month. As a result, around 60-70% of Ingot manufacturers will have to keep their plants shut for the next fifteen days as these plants were operational in first two weeks of the month. The remaining plants will be able to continue operations on their own power plants or on purchase of power from other sources”, market participants reported SteelMint.
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