Ingot prices across India noticed a selling pressure as steel futures on NCDEX fell by 150 points in morning trade.
Raipur Ingot prices have come down to Rs 32,600 (Basic, Next day Payment) as demand for
finished product is weak.However, market participants say that the increasing
cost of iron ore and coal might keep prices firm.
Re-bar manufacturers also slashed their prices by Rs 500-600/t on weak demand and falling re-bar prices in Hyderabad and Chennai, reported sources.
Demand for Ingot is also weak in Northern India.
Ingot at Mandi Gobindgarh is offered in the range of Rs 36,100-36,3150/MT
(Basic price) with major demand from small rolling mills. Ghaziabad markets
witnessed trade at Rs 36,300/MT (Basic price), lower by Rs 200/MT.
Ingot prices in Hyderabad saw a major fall by Rs
600/MT over selling pressure.Sources report SteelMint that power cut has been reduced to 2 days (previously 3 days), this will improve domestic production.
April'12 to May'12 contract witnessed spread in the range of
Rs 250-320/MT, around 110 tons of OI is deducted from the contract bringing
cumulative OI close to 17,110 tons.
On the Warehouse, 200 tons of Steel is remitted, bringing total steel deposited at Mandi Gobindgarh, Gaziabad, Raipur, Chennai and Mumbai at 5,219 tons.
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