Semi finish steel price that has increased yesterday by 2.7% across Mandi's continue to remain bullish as seller raise offer by 2%. SteelMint learned from market participant that price may see small correction due to delivery issue of lower price, payment issue, increasing production that was low in last week and high cost of raw material will pressure the demand and supply.
Raipur Re-bar manufacturer today raised offer by 2.5-3% this is a consecutive rise in offer from yesterday, when mill owner has raised price by 3%. “We are cautious at this price as sudden hike will not trigger increase in demand in retail end due to low construction. However other participant believe low production and tight delivery term can sustain price at this level” said a Maharashtra trader who purchase from Raipur.
Similarly sponge price has gain by Rs 700-800/MT from yesterday close giving signal to shortage of scrap and heavy demand from North India. “Iron ore supply in Orissa is low as mining permission is hampered due to increase buying from Orissa and C.G” stated a mines marketing office based in Barbil, Orissa.
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