Dollar has reached its peak causing rates of steel market to rise up in Southern region. Costs of Raw material and finished steel increased by Rs 700/MT in last two days in Chennai. Prices of 12mm TMT and Ms Ingot are up by Rs700/MT and are quoted at Rs 40,200/MT and Rs 34,500/MT respectively.
Day before yesterday, in Hyderabad a spurt of Rs 200-300/MT was seen in TMT because of hike in Ingot, Billet prices. Whereas, at present 20mm TMT is quoted at Rs 32,500/MT and has a discount of Rs 100-200/MT on it.
A TMT manufacturer based at Gujarat said, Market demand is not matching the increasing rates; hence, there is not much improvement in the market of Finished Steel. Market rates of Punjab, Gujarat and South India have also increased by Rs 500-700/MT in past few days.
At Gujarat 12mm TMT is traded at Rs 33,200-400/MT which decreased by Rs 200-300/MT (Basic price).
Raipur region of the Central Market followed the same trend and went down by Rs 300-400/MT, where 20 mm Tmt is priced Rs 31,400-500/MT.
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