MS Ingot prices open higher on rising dollar, higher scrap and sponge iron prices. Ingot at Mandi Gobindgarh opened at Rs 34,200++ with
old Scrap being offered at Rs 29,300/MT and End Cutting Scrap at Rs 31,300/MT.
Prices at physical market moved up slightly as the day progressed, whereas
prices in the financial markets remained range bound with a positive bias throughout
the day.
Ingot at Mandi Gobindgarh traded between Rs. 34,100- 34,400/MT during the day. Whereas, Gaziabad markets witnessed trade at
Rs.34,200-300/MT i.e. up by Rs 400/MT the previous close.
Steel Long December contract on NCDEX opened at Rs.32,760/MT but soon fell to the day's low of Rs.31,920/MT before recovering back to the level of Rs.32,100/MT.
NCDEX December'11-January'12 contract witnessed spread in the range of Rs. 600-
730/MT and around 530 tons of OI was deducted from the contract bringing the cumulative OI close to 35,360 MT.
On the NCDEX Warehouse, 2046
tons of steel was remitted from the warehouse, bringing the total steel deposited at
Mandi Gobindgarh, Gaziabad, Raipur, Chennai & Mumbai to 13,179 MT.
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