Ingot prices in Southern market remain unchanged except Hyderabad where prices increased by Rs 200/MT on account of improved Sponge Iron prices. Sponge Iron prices hiked up by Rs 300/MT. A well known trader from Hyderabad confirmed that he sold 100-150 tons of Re-bar on basic rate at Rs 32,200/MT (20mm price) in local market.
Other markets in South India are on the same level as demand is firm. Also Sponge prices are unchanged but 2.5% custom duty on scrap and record fall of Rupee against Dollar makes imported scrap costlier. Shredded scrap at Chennai offered at $375-380/MT and HMS at $365/MT.
In other regions Ingot prices fluctuate in range of Rs 100-200/MT but demand is low due to surplus production. In Central India plants are running on 80-90% of their capacity and in North India at 60% of the capacity.
Today's offers for Ingot are Rs 27,600-650/MT (Basic) in Raipur, Rs 32,500/MT (Basic) in Mandi Gobindgarh, Rs 30,400/MT (Basic) in Ahmadabad and Rs 29,800/MT (Basic) in Mumbai.
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