Indian steel prices which have shot up to Rs 1,500-2,000/MT in a very short span and is unlikely to hold long at these levels, reported steel traders to SteelMint.
” There is absolutely no buying in finish market, buyers are unwilling to pay high. Prices will not sustain in near term..” said a TMT dealer based in Muzzafarnagar.
Prices might correct upto Rs 1,000-1,500/MT in near term, he further added.
“Though prices are high but volumes are extremely thin and it looks like prices might correct on weak demand and low trading volumes.” said a steel broker based in Raipur
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