As expected global steel prices rose during the last fortnight (ending 2nd Dec). After falling, domestic long product prices stabilized during this period and have been strengthening on week-on-week basis. Weak INR and weather condition have been supportive. Iron ore prices backed by China also remained strong. Believe, steel prices should not see any sharp fall from here on. Base metals prices on the other hand continued to weaken on global uncertainties and possible LME actions. USD index rose 0.3% to 80.9. Believe, except for metals with stronger fundamentals e.g. zinc, base metals prices would be vulnerable going forward.
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