Raipur Ingot prices have come down as demand for finished product is weak. Traders feel that sponge iron prices might correct further to Rs 32,700/MT (Basic price, payment next day) due to selling pressure on Ingot manufacturers. However, market participants say that the increasing cost of iron ore and coal might keep the sponge iron prices firm which would support ingot prices in the long term. Ingot in Raipur is being offered at Rs 32,700/MT (Basic price, payment next day).
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 36,500/MT (Basic price), lower by Rs 100/MT.
Ingot prices in Hyderabad saw a major fall by Rs 6000/MT as selling pressure was build up on ingot manufacturers. “Sponge iron prices in Hyderabad is now at par from those of Raipur, we expect good demand from the local as well as Jalna markets,” comments a Hyderabad ingot manufacturer.
NCDEX Steel Long April'12 – 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 & Mumbai at 5,219 tons.
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