Markets have corrected quite a bit in last few trading sessions amide weak demand and cheaper scrap.But it looks bottom is near and downside is limited.
“Chances were high that prices will correct after rupee recovered and Coal India rolled back its prices. But markets looked to have bottomed out and further downside will badly effect the market.” said a large steel trader based in Nagpur.
Supply of iron ore is still critical and rupee has started weakening again, market participants expect limited downside from these levels.
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