Lesser buying for finish steel accounted to a price fall in Mumbai.While, Raipur manufacturers have kept prices unchanged on 29 October, 2013.
Structure prices in Mumbai dropped by INR 500/MT in last 2 days owing to falling demand for finish steel from real estate sector. In early October, demand was more than average which allowed manufacturers to hike production level. But increased production resulted in over availability of the material which in turn pushed prices down. Today 40 Angle was offered at INR 33,500/MT.
Ingot offers were also reduced by INR 600/MT in a week's time. While, today its offers remained unchanged at INR 29,500/MT, same as yesterday.
Mumbai based Structure manufacturer says that “We sold our last month's stock but we cut our production level in October because of limited buying.“
On the other side Raipur based manufacturers kept their offers unchanged. As the Semi finish prices remain unchanged finish manufacturers holds their offers as well. Some of the small Structure manufacturers shut down their plants as Structural prices fell consistently and semi finish prices were firm.
Today Angle 40 offers were at INR 30,800/MT and Ingot at INR 27,300-400/MT.
Note: Basic Prices in INR/MT, Prices till 29th October.
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