Ingot prices which shot up by Rs 1,000-1,500/t last week on good demand from UP steel mills ( as scrap supply was limited due to UP elections).
Now it is South India which has kept ingot prices firm. Prices have shot up by Rs 500-1,000/t in Southern India (Thanks to extended power cut in Hyderabad and Chennai.)
Power cut in Hyderabad has been extended from 2 days to 3 days which has made manufacturers to raise offers by Rs 500/t (currently trading at Rs 35,800++).
“Demand has been good from South India, undoubtedly due to power cuts.” said an Ingot manufacturer based in Raipur.
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