Indian steel prices
have shed almost 5-7% in last few days on selling pressure. Indian steel
industry experts believe that it is the right time to take fresh position as
prices have over corrected in very short time.
“Prices have
over corrected, markets have almost bottomed out and we do see buying to
generate at these levels. Raw material prices are soaring high, also margins
have been under pressure. Every small buying will lead to good rally.”
said a marketing manager of steel plant based in Chhattisgarh.
Experts also feel
that high input cost and improved construction activities should support steel
prices.
“Buying is
noticed at lower levels. Also construction activities are likely to improve in
coming days. This will result in better demand.” said a steel plant owner
based in West Bengal.
MS ingot prices at Ghaziabad
opened higher by Rs 200/t at Rs 34,500/t, where as Mandi Gobindgarh trades at
Rs 34,300-350/t in the evening.
Rourkela trades at
Rs 31,000/t, Raigarh is quoted at Rs 31,600/t (Next Day Payment) and Raipur
trades around Rs 32,300 (Next Day Payment).
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