Saturday, December 18,
SteelMint Exclusive
Trading volumes of finished and semi-finished steel products seems to be on a lower side after banks remains closed for Mohorram and weekend.
Demand is likely to remain firm on Monday according to some traders based in Bengal, Chhattisgarh and Mumbai.
“Very few transactions were noticed on Friday and Saturday after bank remain closed on Friday and worked half day on Saturday. Prices remained firm all over India in spite of not much of activity happening in the market. Prices are likely to remain stable.
According to a manufacturer based in Raipur, Chhattisgarh, “It has been noticed in last few days that the volume of trade has improved in the market and we need a week’s time to execute our trade. Steel Re bar (TMT) has good support at the price level of Rs 28,200/MT and Steel ingot also has good support at Rs 25,000/MT. We do not see a down side from the current levels”
Manufacturers based in Durgapur and Bengal also have the same opinion and say that good volume of trade has been seen at the price level of Rs 27,600/MT, Market does not seem to go down from the current level. “Demand for finished steel has been good in last few days and we do not expect markets to go down unexpectedly.” said an integrated manufacturer based in Durgapur.
Reported by: Azra Shaheen (azra@steelmint.com)
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