Physical MS Ingot prices continued to extend the price rally which started yesterday.
Ingot at Mandi Gobindgarh traded between Rs 36,000-150/MT i.e up by Rs 200/MT from yesterday's trade price. Scrap prices at Bhavnagar also moved up by Rs100/MT and traded at Rs 26,500/MT
Ingot in Raipur saw an upward trend as the prices climbed to Rs 33,100-200++/MT (+200-300 from yesterday's close). Prices in Rourkela also wet up by Rs 200 and traded at Rs 33100++.
Prices in Hyderabad however, saw a correction of Rs 500/MT after a long time to maintain a price parity with other markets. Ingot was offered at Rs Rs 35,300/MT. Similarly, Chennai also noticed a slight correction as buyers were reluctant to buy at such high prices.
Steel long April contract on NCDEX opened at Rs 34,890/MT, reached as high as Rs 34,950/MT before crawling down to trade at Rs 34,900/MT.
Leave a Reply