NCDEX Steel Long May '12 contract opened at Rs 33,760/MT touching a low at Rs 33,520/MT, down by 300 points and Ingot prices at Mandi Gobindgarh slip by Rs 250/MT at Rs 34,600-700/MT (Basic).
On account of this, Billet prices came down in almost all the Mandi's.
Raipur, Bhilai and Jaipur trading prices reduce by Rs 200/MT at Rs 33,800/MT, Rs 33,600/MT (Both are Basic, Next day) and Rs 34,800/MT (Basic, Regular) respectively.
Rourkela prices is quoted by Rs 500/MT less at Rs 31,500/MT (Basic, Next day).
Kolkata and Durgapur offers fall by Rs 300/MT at Rs 38,500/MT and Rs 38,200/MT respectively (Both are Including all, Next day).
Mumbai and Jalna market witnessed a correction of Rs 400/MT alongwith Ahmedabad and offers are at Rs 34,300/MT, Rs 33,700/MT (Both are Basic, next day) and Rs 34,700/MT (Basic, Regular) respectively.
Market participants feel that steel
prices have corrected more than expected despite high input cost. Experts also
suggest to take positions at lower levels.
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