Indian steel prices noticed a rally of Rs 2,000-3,000 in last few weeks, but ironically market participants say that steel industry going through one of the bad phase.
“There is no stability in the market.Steel demand is weak mainly due to higher prices and low availability of funds in the market , say Mr Agrawal a steel trader based in Raipur.
These days demand is determined by steel futures (NCDEX) trend, which is not good, he further added.
M.S. Angle of 40*6 size is hovering around 35400 (Basic Ex-Raipur), where as Mumbai is being quoted at Rs 38,200 (Basic Price). Demand likely to remain sluggish in coming days said traders
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