SteelMint in discussion with manufacturers and major players of semi finish & finished steel have assessed that upcoming election results, which scheduled on 16 May, 2014 have halted the sales in most of the markets. In line, buyers are purchasing the material in low quantity and now the situation is like hand to mouth.
However, finished steel brokers, which supplies material in project works, are anticipating that after the declaration of election results, if there is an increase in offers, it will be for short time. The anticipation is because of low demand from construction owing to labors shortage, liquidity crunch & coming monsoon will not support the steel prices. They also added that market likely to stable at current offers.
In most of the markets, semi finish & finished steel offers raised by INR 100-300/MT from last trade owing to some improve sales on yesterday (Wednesday).
“At present, availability of MS Ingot/Billet in local market is not good and availability of raw material (Scrap & Sponge) is low for the reason we are not thinking about major fluctuation as demand of finished steel is on average,” shared a semi finish broker based in Mandi Gobindgarh.
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