The stupor in steel input material market was shaken with impressive gain in scrap, sponge iron and pencil ingot prices across the nation.
Till last week market had been on decline raising questions about any revival. Poor finished demand had been reason for an untimely decline despite shortage of scrap and iron ore expected to inflate the cost. Lack of finished demand was so devastating that despite shortage the prices had been falling.
However surprisingly pencil ingot, sponge iron and scrap price improved in the range of INR 200 per tonne to INR 700 per tonne across various regions.
Even though TMT and WRC price remained unchanged taking wings of lopsided revival it certainly does give some reason to cheer with buying likely to improve in Q4 as the projects near completion and government might augur in new infrastructure projects to pull up dipping economic indicators.
Source:
http://www.steelguru.com/indian_news/Steel_input_material_prices_in_India_show_resilience_on_Xmas_Monday/296274.html
