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Input material levels in India refuse to take the lead in long rally
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Friday, 07 Dec 2012
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Sob story of long steel prices seems unending. Despite improved scrap levels and skinny INR adding to the cost of induction furnace owners market remain unnerved. As the ambiguity over FDI in retail was dispelled by government winning in Lok Sabha sentiments spiked bolstering confidence in success of new policy measures.

Explicitly poor demand from the construction and housing sector remained major drag on any revival. Ban on sand transportation in Punjab has closed most of the furnace. At the same time recent strictures by RBI to the commercial banks to reduce Non Performing Assets (NPA) from the reality and construction sector is likely to impel realtors to liquidate incomplete projects or sale completed structures in quandary lest risk liquidation pay back loans. It is widely believed that a sudden deluge of houses and commercial plots would depress the price further and inhibit any new construction.

Quaintly finished long price have remained unmoved for over a week despite some major mills hiking December price by INR 500 -1000 per tonne. Sponge iron levels remained depressed despite supply shortage indicating the depth of mess.

Sponge Iron

Location Change
Kolkata0
Raipur-200
Bellary-100
Raigarh-400
Rourkela-200
Bangalore 0


Change on 6th December as compared to 5th December 2012
Change is per tonne
(www.steelprices-india.com)

Pencil Ingot

LocationChange
Mumbai-100
Chennai0
Kolkata0
Mandi-200
Raipur-100
Alang-200
Kanpur0
Rudrapur0
Ahmedabad0
Ghaziabad0
Muzaffarnagar-288
Hyderabad0
Raigarh-104
Durgapur-178
Nagpur0
Jamshedpur0
Jaipur-200
Rourkela-105
Bhiwari-200
Ludhiana0


Change on 6th December as compared to 5th December 2012
Change is per tonne
(www.steelprices-india.com)

Source - Strategic Research Institute

(www.steelguru.com)

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