NCDEX Steel Long May 12 contract opened at
Rs 34,410/MT, moved towards day high at Rs 34,530/MT and touched a low at Rs 34,300/MT. At 6.40 PM, it is at
34,400 which is in line with yesterday's close.
Mandi Gobindgarh prices gained Rs
100/MT in the evening trade and is being quoted at Rs 36,500/MT (Basic).
Ingot buying is slow as end users products
are not in demand due to shortage of raw material and labourers and higher prices.
Raipur Ingot trades at Rs 32,500-600/MT
(Basic price, Payment next day), down by Rs 200/MT whereas Raigarh Ingot is
being offered by Rs 200/MT lower prices from last trade at Rs 32,600/MT
(Basic).
Tamil Nadu Ingot market continues to
struggle with very few trades as power continues to trouble the manufacturers
in the state.
Ingot has better supply from Pondicherry
which is trading at Rs 37,500/MT excise included. The freight to Chennai is around Rs
300-400/MT and to Coimbatore is Rs 700-800/MT.
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