MS Ingot demand that was subdued last week, hit back again over limited production and improved sentiments. Mandi Ingot open today in positive note as offer floated higher by Rs 100-200/MT from yesterday trade. Ingot buying remain bullish as the supply were limited. Market participant believe shortage of scrap and pre-monsoon demand is the major reason over improved sentiments.
In line prices in Raipur, Mumbai, and Durgapur increased by Rs 200/MT whereas south India remain quiet.
Sponge prices also seen improvement of Rs 200-300/MT in Raipur and Durgapur. Market participant believe sponge price to remain range bound due to monsoon as demand and production hamper.
Domestic scrap prices are also quoting higher by Rs 200-30/MT in Alang (Ship breaking) and Mandi Gobindgarh.
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