Friday, Aug 05,
The news on resuming of mining in Bellary did not have any immmediate impact on the Steel market and Steel Long on NCDEX sliiped further in the evening session to touch lowest at Rs. 30,030/MT (i.e. down by Rs 450 from the previous day’s close). Ingot prices at all major mandis’ also went down by Rs.300-500/MT during the day
“Steel prices sky rocketed as the news on closure of mining activities in Bellary came into frame. However there was no such improvement in demand. And now that the Supreme court has ordered to resume mining activities, we see a more negative trend for secondary steel players. The news failed to attain any immidiate reaction.” – said a Ingot Manufacturer based in Raipur.
Leave a Reply