Monday, November 15,
SteelMint Exclusive
With the beginning of 3rd week of November, Indian steel market continues to exhibit its innate gloomy outlook
– Ingot price at Mandi Gobindgarh goes down by Rs 100
– Scrap prices also goes down by Rs 200 at few mandis’
– Buying interest remains weak too
– Inventory levels are high for Rolling mills; raw material procurement has reduced as manufacturers are bearish about the future
– Construction activities remain limited due to lack of new projects; construction on ongoing projects have also not resumed fully
Market sentiments seem to remain weak during day’s trade as NCDEX also showed a negative trend in the morning i.e. down by Rs 250. It would be advisable to wait and look for some sustainable demand revival
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