MS Ingot trades high on anticipated price hike by steel majors 

MS Ingot prices opened with positive note after anticipation that primary steel producers might increase prices by Rs 1000/mt.

On Saturday, Prices at Mandi Gobindgarh traded between Rs. 31,300-31,400/ ton during the day, Gaziabad markets witnessed trade at  Rs.30,600/ ton, On NCDEX prices for Sep’11 contract opened at Rs.29,640/ton, moved towards day’s high at Rs.29,750/ton , touched a low at Rs.29,640/ton  & settling the day at Rs.29,730/ton.

Prices at NCDEX moved within a range of Rs.110/ton during Saturday’s trade, close to 3,700 tons of Steel changed hands on the electronic platform

In leading news daily, “Steel companies are planning to raise product prices by around Rs 1,000 /ton, driven by the sharp rise in input costs and recent production cuts. The price hike, likely to be made early next week, would be the first in four months which would make most consumer goods costly as steel is a widely used alloy”

Yesterday, GAziabad traded at discount to Mandi Gobindgarh by Rs.700/ton, which earlier was trading at Rs.1000/ton discount , in line MZF prices traded at discount to MGC by Rs.1300/ton which earlier was trading at discount by Rs.1000/ton, In line Mumbai markets traded at discount by Rs.700/ton to GAziabad during yesterday’s trade .