MS Ingot prices that is down by almost Rs 700-1000/t W-o-W does not see any sign of improvement. Today Mandi Gobindgarh open Ingot price Rs 31700/t (basic) down by Rs 100-200/t over yesterday price. Similarly buying sentiment in central, eastern, and western India is also down.
Finish demand in Central India is declining due to overloading issue in M.P, ongoing trade strike in Maharashtra over LBT Issue and limited construction activity in Northern India. TMT 12MM basic price is Rs 32000/t, Ex – Raipur. Conversion of Rs 4200/t is being maintained.
Imported scrap offer herd to be lower by $5-7 over weak buying by Furnace in Norther India. Scrap offers for HMS-I from Dubai last traded at $400 CIF Mumbai, down by $5.
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