Today, Ingot prices across Mandis' were under pressure as day Steel Long June future contract kept touching its low level due to staggered delivery mechanism introduced by exchange. Considering long term gain it will help NCDEX to eliminate its members from trading that don't have physical presence.
Mandi opened at Rs 35,700/t but soon corrected to Rs 35,400/t with limited buyers and sellers presence. Trade volume was poor. Similarly, in Rourkela, Ingot prices open at Rs 31,700/t and material later sold at Rs 31,500.
Raipur and Raigarh Ingot prices were effected less as seller refused to reduce prices below Rs 32,400/t and Rs 32,300/t respectively. Market in Hyderabad was untouched from Ingot offer of Rs 33,000.
Ingot prices in Tamil Nadu market remained constant. The state government today announced that power cut for industries will now reduce to 30% as supply of power from wind mills will improve with the onset of monsoon in the neighboring state – Kerela. Tamil Nadu produces good amount of power from wind mills set around borders with Kerela. A trader in Kerela remarked that “Ingot prices in Tamil Nadu and Kerela will be under pressure because of monsoon and improved power supply”.
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