Ingot prices
fall across Mandis' as buyers are reluctant to take position at these levels. Sellers
felt liquidity crunch as 15th of March is the electricity bill payment date.
“Manufacturers are quoting much less than the market
prices as due date of bill payment is getting nearer. We personally do not see
prices falling down. Some reports say that electricity charges in Chhattisgarh
might go up by 15%-20% this week,” said a big trader based in Raipur.
On NCDEX Steel Long, prices for April'12 contract opened
at Rs 34,170/ton which moved towards the day's high at Rs 34,180/ton. It touched
a low at Rs 33,960/ton and closed the day at Rs 34,010/ton. April'12 to May'12 contract spread moved in
the range of Rs 350- 430/ton. Around 1,240 tons of OI was added to the contract
bringing cumulative OI close to 18,350 tons. On the Warehouse, 625 tons of Steel
is remitted bringing total steel deposited at Mandi Gobindgarh, Ghaziabad,
Raipur, Chennai & Mumbai at 4,594 tons.
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