In a poll conducted by SteelMint, market participants expect Indian steel prices might correct further by Rs 5,00-1,000/MT in near term.
” Re-bar prices have already soften by Rs 500-700/MT last week and has scope of further correction by Rs 1,000/MT, as demand has dried out.” said a big steel trader based in Raipur.
Buyers prefer to stay out of market on anticipation that strong rupee will make scrap and coal imports cheaper.More over improved supply of iron ore in domestic market will certainly make manufacturers cut their prices.
” There is absolutely no trade for last few days, it looks steel prices in physical market will not sustain at these levels, despite steel futures on NCDEX will tend to trade higher.” siad a steel broker based in Rourkela.
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