Saturday, 18 June,
Steel Long futures ended with gains for the second consecutive session on Friday, but seem to be failing to carry forward the momentum. Even though NCDEX July futures opened with a premium, the market has fallen back subsequently, looking to consolidate. …
Steel market fundamentals remain to be grim, with demand falling continuously. The demand from end users dropped around 40 percent, but prices of steel are still elevated due to the rising costs of power.
Steel Long at NCDEX for the most active July futures contract traded at around Rs 30,650-30,670/MT, up by 100-120 plus points as compared to the previous closing price.
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