As anticipated, ingot prices rebound on good demand. Prices in Mandi Gobindgarh gained by Rs 200-400/MT in yesterday's evening trade. Soon after, prices in other markets also showed an uptrend as buying improved. Raipur ingot traded at Rs 32,600-700/MT (Basic price), up by Rs 200/MT last evening and is being quoted at Rs 32,800/MT (Basic price) today.
SteelMint spoke to traders and brokers in the morning session to understand the volatility in the market.
“We do not expect prices to go low as input cost is increasing. Considering todays market, we expect prices to be at this level,” a trader in Mandi Gobindgarh said,.
“Market is volatile considering power tariff, sponge iron prices and increasing gap in TMT prices,” remarked a Raipur based trader.
“Ingot trading volumes in Chennai is low today and will be unchanged for the next day. We have had a handful of enquiries since morning as it is the New Year season in Tamil Nadu.
On NCDEX Steel Long, prices for April'12 contract opened at Rs 34,310/MT, higher by Rs 120/MT.
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