Feb 15th 2011
There is not so much activity in the local iron and steel market today as prices went down by Rs.100-200/Mt..*
In the absence of buying support prices settled around previous levels. Analysts say that due to the impact of high prices of both raw materials, producers are expected to be under pressure to either pass cost to customers or take a hit on their margins.
Feb contract is expiring on 18th of this month, volumes on NCDEX remained moderate. MS ingot at Mandi govindgarh remains stable at 28900-29000/mt where as Raipur remained at 27100.
It has been reported that Gaziabad price difference of future and physical market of ingot has widened to Rs 2000/MT and traders believe that either this price differential might surged trading in future mkt of ingot at NCDEX or physical mkt mayfall down by rs 400-500
Comment by Traders
“Sufficient stocks positions against absence of buying support mainly kept steel prices around previous levels.”
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