MS Ingot prices that slip by Rs 500-600/t in last two days trading, believes to hold the price further. Major down trend seen in central region where finish demand kept on hold. Maharashtra trade is expected to resume from tomorrow that was down due to ongoing strike by trader/broker to oppose LBT tax. Market in south also expected to resume as manufacturer are not willing to reduce price further.
Raipur Ingot prices are down by Rs 600/t on week on weak price (WoW), currently trading at Rs 28100-200 (Ex-Works). Similarly, prices in Durgapur down by Rs 200-300/t from last trade as outstation demand vanished. Rourkela prices also slip downward by Rs 500/t as offer stand at Rs 27400-200/t from previous close of Rs 27900/t (basic).
Due to bad weather in central India selling pressure is being build up in sponge Iron prices. Price in Raipur is down by Rs 500/t WoW as offer of Sponge Iron stand at Rs 19400-500/t from earlier week price of Rs 19800-900/t. Whereas prices are in hold at Bellary at Rs 18500-700/t, Hyderabad at Rs 19700/t.
Imported scrap availability increases in Mumbai, Ludhiana (ICD) and Chennai port after price came down by $10/t. Offer from South Africa origin HMS is $390 CFR Mumbai.
Raipur 12 mm TMT is trading down by Rs 500-600/t at Rs 33000/t (basic), Mumbai TMT is trading at Rs 34700/t down by Rs 300/t from previous close and Muzaffarnagar TMT is trading at Rs 35400/t down by Rs 200/t over yesterday traded price.
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