Indian steel futures continue to rise for a forth day on Tuesday, following gains in steel physical market.
Re-bar prices opened higher on Tuesday morning, but market participants carry a cautious attitude as off-take is low in proportion to the price rise.
"Certainly prices have gone up unexpectedly, but demand is missing in finished steel. Buyers are cautious at these levels. Prices might not sustain if demand remains missing from the market." said a TMT trader based in Mandi Gobindgarh.
"Market is tight primarily due to power cut and higher raw material cost. Finished steel off-take is slow." said a manufacturer based in Hyderabad.
Current Prices 12mm TMT
RAIPUR= Rs 36,500++
HYDERABAD= Rs 37,500++
JALNA= RS 37,800++
AHMEDABAD= Rs 38,800++
CHENNAI= RS 40,800++
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