Mumbai's Steel
market opens at a level same as earlier because trade moment is limited on
account of festivals. Ingot offers in Mumbai are also on the same level i.e at
INR 30,300/MT. Also, Structure manufacturers have kept their offers unchanged
at INR 34,200/MT for 40 Angle. However, Ingot and Billet prices have fallen by
INR 100-200/MT on W-o-W basis. Meanwhile, finish prices such as Re-bar and
Structure have also gone down by INR 700/MT and 200/MT respectively.
A Jalna
based trader says, “Demand for Finished
Steel from Hyderabad is already very low and along with it elections in Madhya
Pradesh and other states of India will affect in supply of the material. Also,
the limited availability of transport adds on in building up a pressure on the supply.”
He further added that, “The market will
fluctuate in the same range this week as well, though we can expect some
improvement from next week.”
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