After a steady decline in last couple of weeks, ingot prices shot up during the week ended February 6, thanks to the upbeat mood in the market following announcement of the minimum import price (MIP) by the government, market sources said.
The uptrend was visible since early this week amid expectations and uncertain over MIP, but staged a sharp increase across the markets at the closing on February 6.
All the major markets barring the exception of Goa showed gains during the week under review.
The weekly increase in prices ranged between Rs 1,300 and Rs 3,000 per ton compared to previous week’s closing levels. The increase in Kanpur was the highest at Rs 3,000 per ton, followed by Alang at Rs 2,700 per ton and Ahmedabad at Rs 2,500 per ton. Among the gainers, Indore reported the lowest increase at Rs 1,300 per ton.
In Goa, however, prices suffered a mild drop of Rs 100 per ton during the period. Incidentally, Goa market saw the lowest decline at Rs 500 per ton during the preceding week when there was a widespread decline of prices across the markets.
Earlier, prices remained largely firm in some markets during the week ended January 23 before a general slackness embraced the markets for two consecutive weeks.
Following table gives indicative prices of Ingot in various markets during the past one year:
PRODUCT |
NAME OF THE MARKET |
Price Rs./Ton as on |
Price Rs./Ton as on |
Price Rs./Ton as on |
Price Rs./Ton as on |
Price Rs./Ton as on |
6-Feb-16 |
30-Jan-16 |
7-Jan-16 |
12-Jul-15 |
7-Feb-15 |
||
INGOT |
MANDI GOVINDGARH |
24,400 |
22,850 |
23,725 |
28,000 |
29,750 |
INGOT |
ALANG |
23,500 |
20,800 |
23,925 |
24,800 |
27,500 |
INGOT |
BHILAI |
23,050 |
21,450 |
22,650 |
26,800 |
28,600 |
INGOT |
GOA |
20,800 |
20,900 |
23,150 |
24,100 |
27,900 |
INGOT |
INDORE |
26,800 |
25,500 |
28,000 |
29,800 |
33,600 |
INGOT |
MUZAFFAR NAGAR |
24,300 |
22,300 |
23,900 |
27,500 |
29,800 |
INGOT |
DURGAPUR |
24,800 |
22,500 |
25,300 |
28,600 |
31,000 |
INGOT |
MUMBAI |
23,300 |
21,500 |
23,200 |
24,900 |
28,800 |
INGOT |
HYDERABAD |
23,500 |
21,200 |
23,500 |
- |
27,300 |
INGOT |
JAIPUR |
23,600 |
21,800 |
23,400 |
26,900 |
28,300 |
INGOT |
KOLKATA |
25,300 |
23,000 |
25,600 |
28,900 |
31,300 |
INGOT |
RAIGARH |
21,150 |
19,100 |
21,000 |
23,800 |
26,300 |
INGOT |
RAIPUR |
21,250 |
19,000 |
21,100 |
23,900 |
25,700 |
INGOT |
ROURKELA |
20,500 |
18,500 |
21,000 |
23,400 |
25,900 |
INGOT |
GHAZIABAD |
24,100 |
22,200 |
23,700 |
27,000 |
29,700
|
INGOT |
KANPUR |
24,500 |
21,500 |
23,500 |
27,200 |
29,000 |
INGOT |
AHMEDABAD |
23,200 |
20,700 |
24,000 |
25,300 |
- |
INGOT |
LUDHIANA |
24,900 |
23,200 |
24,400 |
28,500 |
29,800 |
Source: Traders