“Ingot prices are
likely to be range bound and might not show a major correction on account of
the rupee weakening to its lowest level against dollar in two months,” said
brokers.
Imported scrap has
also become expensive as Rupee ended down by 1.1%, at 51.2175 to the dollar.
The availability of raw
material – iron ore is still critical which is providing support to the Sponge Iron prices in the
Indian market.
Raipur Ingot is trading at Rs 32,900/MT (Ex works, Payment next day) and that of Raigarh
is being offered at Rs 33,400/MT (Ex works, regular payment conditions), down by Rs 100/MT from previous trade.
Ingot trades between
Rs 37,900 to 38,000/MT (Including all) in Durgapur. While, Goa prices are
hovering around Rs 34,600/MT (Basic prices) showing a downtrend of Rs 200/MT.
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