Extending the gains made in early sessions, billet prices closed higher on February 20 as compared to the levels witnessed a week ago.
During the week under review, prices showed an uptrend since Monday and continued with the momentum even though they fell in Ghaziabad, while they remained same in Raigarh and Goa.
Market sources said there are expectations that the government could significantly raise food subsidies and its spending on MGNREGA in the Union Budget, 2016-17. Any increase in rural spending/infrastructure spending/tax exemption, which can put money in hands of consumers, will indirectly benefit the commodities sector.
Investors are looking forward to the Union Budget to be placed on February 29 for clarity on the government’s plan to lower the corporate tax rate and phase out tax breaks.
Prices of billet in various markets during the past one year (Rs/ton):
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 |
Weekly changes |
20-Feb-16 |
19-Feb-16 |
13-Feb-16 |
24-Aug-15 |
20-Feb-15 |
||
MANDI GOBINDGARH |
26,100 |
26,100 |
25,000 |
26,500 |
30,000 |
▲ |
DURGAPUR |
26,200 |
25,700 |
25,300 |
27,100 |
30,900 |
▲ |
JAIPUR |
25,200 |
25,200 |
24,100 |
- |
- |
▲ |
RAIGARH |
- |
- |
- |
- |
- |
⇔ |
RAIPUR |
22,800 |
22,400 |
21,200 |
23,000 |
26,300 |
▲ |
ROURKELA |
21,500 |
21,300 |
20,800 |
22,300 |
26,000 |
▲ |
GHAZIABAD |
24,700 |
24,500 |
25,000 |
25,800 |
30,000 |
▼ |
HYDERABAD |
24,000 |
23,500 |
23,500 |
24,000 |
27,900 |
▲ |
GOA |
22,600 |
22,600 |
22,600 |
24,000 |
27,400 |
⇔ |
Source: Traders