Steel prices in India noticed a roller coaster ride is last few trading sessions, ironically steel prices in Uttar Pradesh remained unaffected.
Traders reported SteelMint that due to shortage of scrap in Gaziabad, Muzzafarnagar and Gorakhpur steel mills kept their offers unchanged.
They said, scrap is traded in cash and due to elections it is not allowed to carry more than Rs2 lacs cash.
This has made scrap traders to supply their cargo to other states like Punjab and Haryana.
Supply of scrap in the state is critical and will only ease after elections, which is getting over late in Feb, they said.
Currently MS ingot in Gaziabad is traded at Rs 33,900- 34,000/t (Basic Ex- work prices) where as Muzzafarnagar is quoted at Rs 33,400-33,500/t(Basic Ex- work prices).
Leave a Reply