Buyers are in a watch mode and are unwilling to take position at these levels due to continuous correction in prices.
Mandi Gobindgarh witnesses poor buying, trades at Rs 35,600/MT with a reduction of Rs 400/MT. Rupee is at its low of 53.39.
Raipur and Bhilai
prices fall by Rs 200/MT. Manufacturer offers are at Rs 33,400-500/MT (Basic) in both the
locations but that of Raigarh is at same levels.
Manufacturers remarked that Structure and Re-bar markets witness few buyers due
to labor issues which results in reduced prices.
Rourkela
markets trade at Rs 31,900/MT (Basic) from previous trade of Rs 32,000/MT
(Basic). A trader reported about dipping demand as buyers are in a wait and
watch mode.
Kolkata and Durgapur Billet offers
remain same on decent demand.
Mumbai and Jalna offers have reduced by Rs 200/MT and
is being quoted at Rs 34,600/MT and Rs 33,800-34,000/MT respectively. (Both are
Basic price) According to sources, demand is dipping as there are a handful of buyers
for finished products and sales in Goa
is quite low due to which its prices have come down by Rs 300/MT to Rs
33,200/MT (Basic).
Hyderabad
prices slip by Rs 400/MT to Rs 33,500/MT. Power issues remain unresolved here. Jaipur prices at Rs 35,200/MT are on the lower
side again, down by Rs 300/MT (Basic).
Ahmedabad, Kandla and Bhavnagar
prices reduce by Rs 200/MT , Billet is being traded at Rs 35,000/MT, Rs
34,700/MT and Rs 34,800/MT (All are Basic price) respectively on expensive raw material.
Market players anticipate prices might not show further correction as they are already on lower side.
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