Ingot prices across India noticed an uptrend backed by high input cost. Prices moved up to Rs 200-400/t and likely to remain high in near term.
Power tariffs have gone up in Tamil Nadu, Andhra and Bihar on expensive and unavailability of Coal. Other states like Punjab, M.P. and Chhattisgarh are in line to hike their power rates.
NMDC is likely to raise ore prices by Rs 300-400/t because of which steel manufacturers in Raipur have raised their offers by Rs 200-300/t.
“Production in Tamil Nadu is quite low owing to power issues in the state. Ingot is trading at as high as 42500/MT. We expect the prices to come down as Ingot is being procured from states like Chhattisgarh and Odisha at lower rates”, said a broker based out of Coimbatore in Tamil Nadu.
Mandi Gobindgarh power prices are likely to go up by 80 paisa per unit and prices have increased in anticipation of this increase.
Ingot at Mandi Govindgarh is trading at Rs
36,400-500/MT with an increase of Rs 200/MT (Basic price) and may increase further towards the later part of the day,” a trader
from Mandi Govindgarh remarked.
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