Indian steel prices noticed correction of Rs 1200-1500 per ton in last few days on weak sentiments and sluggish demand.Though markets participants do not see any specific reason for prices to fall.
Traders and brokers believe that steel prices are near bottom and do not see any steep correction from these levels.
” Rising iron ore and coal prices will lend support to steel prices, markets are sentimentally weak as steel futures on NCDEX have corrected sharply. It is interesting to see that physical prices have not fallen in proportion to future markets.” said a steel trader based in Raipur (Chattisgarh).
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