Ingot sellers cautious as prices slip further on weak buying

Ingot prices fell in the range of Rs 300-500/MT on tuesday due to weak buying and strong rupee. 

“Imported scrap feasibility improves, domestic scrap and sponge iron prices might slip by Rs 500/t this week”, said Mandi based  Ingot manufacturer.

Dull finished markets has worsened the liquidity crunch as higher credit is offered to book sales, he added. 

Opening of 15 Iron ore mines in Karnataka region next week might put sponge iron prices under pressure. In Bellary, it is being quoted in the range of Rs 19,600-800/MT.