MS Ingot prices correct for the third day as buyers prefer to stay away from the market. Prices have corrected over Rs 500-600/MT in the last three days across India.
Most hit markets are Chennai, Mandi Gobindgarh, Hyderabad, Raipur and Rourkela which went down by Rs 400-600/MT.
“There are a handful of buyers in the market and trading volumes are extremely thin. There is no particular reason for markets to fall despite high power charges and Iron ore prices,” said a trader based in Mandi Govindgarh.
Market experts feel that prices have bottomed out at these levels and buyers should come back to markets in the second week of April.
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