Furnace associations in Raipur and Gobindgarh decided to trade MS ingot/billet only for 4 hours on daily basis in order to control volatility.
Trade market in Gobindgarh during 2nd week of Jan’16 decided to trade MS ingot/billet for 4 hours between 11:00 and 15:00 hrs. Major reason behind this is to get stability in current volatile market. However, after the decision (from last 15 days), ingot prices in Gobindgarh fell by INR 700/MT.
Following suit, Raipur based Mini Steel Plant Association (MSP) also decided to trade MS ingot/billet between 13:00 and 17:00 hrs in a day. Association’s spokesperson reported that viewing the panic situation and increase in price volatility, they are forced to do this. If the logic works, manufacturers can replicate the same to sponge iron and rebar trading as well.
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