Indian ingot brokers suggest to buy at every dip

Steel prices have corrected almost Rs 800-900/t in last few days and Rs 1,500-2,000/t in last one month.In a survey conducted by SteelMint, it is found that 80% of brokers and traders expect prices have bottomed out and this is right time to take positions.

“With hike in power prices, ingot manufacturers are making a loss of around Rs 800-900/t,over that steel prices have over corrected.There are very few sellers left in that market and buyers should take positions at every dip.”said a broker based in Mandi Govindgarh (Punjab).