Thursday, December 16,
International steel prices have gone up sharply owing to expensive raw materials. Tata steel Europe Inc has raised its wire rod prices by 50 GBP. Whereas, Bao Steel China has raised steel prices by $39/MT
Indian steel market has also gained impressive hike accompanied by a rise in trading volumes. Foreseeing a revival in market, traders and stockiest have started procuring material in advance.
From past few months most of the steel plants were running at lower capacities which mean that with improved buying, manufacturers would now seek to procure more raw material in order to meet the increased bookings.
Fundamentals are in favour for market to move up from the current level. Chances are less for the market to follow a downward trail.
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