Steel futures gain on fresh buying support

Steel futures prices hardened by Rs 330 to Rs 27,740 per tonne today, following low-level buying on the back of restricted supply against rising demand in physical markets.

Market analysts said pick up in demand from furnaces against restricted supply in spot markets mainly pushed up steel prices in futures trade.

At the National Commodity and Derivatives Exchange, steel for April contract rose by Rs 330, or 1.20 per cent, to Rs 27,740 per tonne, with an open interest of 4,760 lots.

Prices for current month February went up by Rs 310, or 1.17 per cent, to Rs 26,880 per tonne, with an open interest of 57,750 lots.