Mild steel ingots edge up in futures market
Prices of mild steel ingots were marginally up in the domestic futures market on account of firm international trends and short covering by speculators.
By PTI |
NEW DELHI: Prices of mild steel ingots were marginally up in the domestic futures market on account of firm international trends and short covering by speculators.
At 1630 hrs on NCDEX, June contract of mild steel ingots were up by 0.5 per cent at Rs 32,830 per tonne, July contract by 1.2 per cent at 33,610 per tonne while the August contract traded higher by 0.8 per cent to Rs 33,830 per tonne.
Increase in hard roll coil prices in East Asia helped upward movement of the alloy, Karvy Comtrade's G Harish told PTI.
Firm spot prices of the alloy also supported trading sentiments, he added.
The demand for steel has increased in the domestic market as construction has sped up before the monsoon sets in.
Brokerage firm Bonanza's head Commodity Research Tarun Satsangi said prices were higher due to short covering and higher domestic production estimate.
At 1630 hrs on NCDEX, June contract of mild steel ingots were up by 0.5 per cent at Rs 32,830 per tonne, July contract by 1.2 per cent at 33,610 per tonne while the August contract traded higher by 0.8 per cent to Rs 33,830 per tonne.
Increase in hard roll coil prices in East Asia helped upward movement of the alloy, Karvy Comtrade's G Harish told PTI.
Firm spot prices of the alloy also supported trading sentiments, he added.
The demand for steel has increased in the domestic market as construction has sped up before the monsoon sets in.
Brokerage firm Bonanza's head Commodity Research Tarun Satsangi said prices were higher due to short covering and higher domestic production estimate.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
