Steel prices declined by Rs 320 or 1.28 per cent to Rs 24,740 per metric tonne in futures trading today followed by weak spot market sentiment, sparked all round selling.
According to market experts, lower physical demand amid ample supply of raw materials caused the downfall in steel futures prices.
At the National Commodity and Derivatives Exchange, steel prices for August contract declined by Rs 320 or 1.28 per cent to Rs 24,740 per tonne, with an open interest of 1,170 lots.
June-month contract also slipped by Rs 210 or 0.87 per cent to Rs 23,880 per tonne, recorded an open interest of 85,250 lots.
