Market for MS ingot across India reels under pressure. Sellers are
offering marginal discount to attract buyers & buyers are waiting for
further price falls.
Ingot Prices in Chennai
remained under pressure owing to weak off-take of the material. Offers over
the past month have weakened to reach Rs 37,000/MT inclusive of ED.
TMT manufacturers in Pune
also showed hesitance in procuring Ingot in larger quantities as demand for TMT
has slowed down due to labour issues & maintenance drive at few plants.
However, among all pessimism, some buying interest was seen
at Rourkela, Cuttack & Jaipur especially
at lower levels. According to market
players, “MS Ingot prices have corrected by almost Rs 1,500/MT in past few days.
Some support might be seen at these levels as buyers may look to take positions
at lower levels”.
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