Indian steel prices which had corrected over Rs 1,000-1,500/MT last week on weak demand and strengthening Rupee have regained momentum on Monday.
Re-bar manufacturers raised offers by upto Rs 500/MT on re-stocking by traders and stockist.The trend is likely to stay firm till steel futures contract (Feb) on NCDEX expires.
” The demand for TMT is crazy, we have booked over 1,000 MT in a day, the highest so far in this year”, said a re-bar manufacturer based in Ahmedabad.
“Demand has been supported by price hike by TATA and SAIL as well as low availability of scrap in Uttar Pradesh (Due to elections)”, said a TMT trader based in Ghaziabad.
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