Steel futures up on firm spot demand

Steel futures prices firmed by Rs 530 to Rs 29,700 per tonne in the today following increased buying in the wake of firming spot markets sentiment. 

Market analysts said restricted supply and strong demand in physical markets, put weight here on steel futures prices.  

At the National Commodity and Derivatives Exchange counter, steel prices for delivery in April at Ghaziabad rose by Rs 530, or 1.82 per cent, to Rs 29,700 per tonne, with an open interest of 730 lots.

Prices for delivery in January also hardened by Rs 380, or 1.35 per cent, to Rs 28,530 per tonne, with an open interest of 60,250 lots.