MS ingot prices corrected over Rs 1,200 per ton on weak demand in re-bar and structural items and rising rupee (which will make scrap imports cheaper).
“There is absolutely no demand for finished steel.Prices are high to be absorbed by the market.” said Pawan Agrawal a re-bar trader based in Raipur.
More over appreciating rupee will have a positive edge for steel mills as imports of scrap will be cheaper. It is also reported that Indian importers have started placing fresh orders on rising rupee against dollar.
$1= Rs 50.97
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