“Ingot prices fall further; markets look to have bottomed out” – Traders

Despite negative
trading sentiments in markets over falling Steel prices, Ingot  manufacturers are
unwilling to make sales at lower prices, reports market traders.

“If there are a handful
of buyers then sellers are also limited and losses for the manufacturers of Sponge Iron and Ingot are huge at these levels,” said a Steel manufacturer based in Rourkela.

“Markets
are almost inactive in Punjab as the Chief Minister meets President to cancel the
death sentence for  Balwant Singh Rajoana. There is a high alert in the entire
of Punjab and trading volumes have been low,” said a Steel trader based in
Mandi Govindgarh.

It will be early to
say if markets have bottomed out but markets are  definitely bleeding at these levels.

Ingot in Raipur is offered at Rs. 31,700-800/MT (Basic price, payment
next day) with Rs. 300/MT down from previous trade.

Raigarh is quoting its Ingot prices further down by Rs. 400/MT at Rs. 32,100/MT
(Ex-works).