MS Ingot price remain subdued over selling pressure and high production cost. Manufacturer does not feel any relief as prices volatility in daily session remain as high as Rs 300-400/MT and Sponge prices seating at high level without any change.
Mandi Ingot open at Rs 32150-200/MT when yesterday it touch Rs 32000/MT; scrap low availability and labor shortage reduces the production level in North India. In contrary demand of MS Ingot couldn't see rise over low production. Its been herd yesterday Rourkela supply MS Billet to Mandi FOR @ 31,800-32,000/MT (including freight of Rs 3000-3200/t and CST 2%, payment regular) when Mandi Billet offer at Rs 32,100-300/MT.
U.P market witness major fall of Rs 900/MT over W-o-W price. MS Ingot in Ghaziabad offer at Rs 30,500-600/MT (Basic) that was offer last week at Rs 31,400/MT and Muzzafarnagar trading Rs 34200-300/MT (VAT extra) over last week trade at Rs 35,100/MT
Central India, Raipur MS Ingot herd to be trading at Rs 27400-500/MT (basic) down by Rs 200-300/t where Sponge continue to remain firm and high at Rs 19,500 without any change over previous close. In South India Bellary as well Sponge price remain firm at Rs 18,300-500/MT
Western India, Mumbai MS Ingot open at Rs 29,600-700/MT (basic) after a long closer over LBT strike. SteelMint learned LBT has been postponed in Mumbai whereas in rest of Maharashtra it will be implemented. Market participant believe Mumbai long steel demand to improve as construction activity will resume.
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