MS ingot prices in India which gained over 5% . i.e more than Rs 1,000-1,200/MT in a short span is likely to come down said traders based in Muzzafarnagar and Ghaziabad.
“Hike in steel prices were supported by short supply of scrap in UP market, which is likely to stabilize soon as elections are getting over on 28th Feb. Once scrap starts arriving to UP market, ingot and sponge iron prices might correct up to Rs 500-700/MT in short term.” said traders based in Muzzafarnagar.
“Demand for structural and re-bar steel is weak. Higher raw material had kept the prices stable. If demand remains weak for next few days, prices might correct.” said a re-bar trader based in Ghaziabad.
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