Ingot prices open weak
in Mandi Gobindgarh at Rs 35,900/MT. Later, prices fell to Rs 35,800/MT on weak
buying. “Difference between without bill material and bill material is
raised in local market by 200/MT which was the reason behind the rally. Availability
of Bill material makes the buyer negotiate the prices now. We expect prices to
trade in the range of Rs 35,500-800/MT in near future” said Ingot
Manufacturer.
Raipur price, that was
not part of Mandi rally did not come down when Mandi Ingot prices fell by
300/MT. Demand is stagnant. Sponge prices are trading at Rs 23,300-400++.
Rourkela Ingot prices
are facing tough competition from Raigarh prices. Demand from Nagpur is missing that was seen last
week. Ingot sellers in Rourkela are asking at Rs 31,800++ in advance payment. Whereas,
Raigarh sellers are quoting Rs 32,100++ in regular
payment. Freight from Raigarh to Nagpur is lesser by 300/MT as
compare to Rourkela.
Presently demand in
Rourkela is coming in from Bhiwadi region. Freight to Bhiwadi is
around Rs 2,300. Bhiwadi FOR work was done at Rs 35600 including 2% CST.
Therefore, realization to Rourkela is fetching at Rs 32,650 where trading price
is 32,700-800++.
NCDEX Jun'-July' 12
contract witnessed spread moved in the range of Rs. 650-700/ton, around
370 tons of OI is deducted from the contract bringing cumulative OI close to
20,370 tons. On the Warehouse, 161 tons of Steel is remitted from the
warehouse, bringing total steel deposited at Mandi Gobindgarh, Ghaziabad,
Raipur, Chennai & Mumbai at 2,753 tons.
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