Market for MS Ingot continued to show a downward trend and prices at both physical & futures market traded in tandem & corrected partially as the day progressed.
Ingot at Mandi Gobindgarh traded between Rs. 32,400-32,700/ MT during the day. Similarly, Gaziabad market also witnessed trade at Rs.32,600-32,800/MT i.e. lower by Rs.300 from yesterday's quote.
Whereas, Ingot at Raipur corrected the most with trade taking place at Rs 30,600- 30,700/MT i.e. down by Rs Rs 700/MT from the previous close.
Steel Long November contract on NCDEX contract opened at Rs.32,700/MT, moved towards day's high at Rs.32,970/MT before falling back to Rs.32,800/MT. Surprisingly, the spot & futures prices were at the same level after showing huge price disparity in the last month. So, now it will be interesting to see where the prices move from these levels.
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