Steel futures slip on selling pressure

Steel prices fell by Rs 220 or 0.95 per cent to Rs 23,060 per tonne in futures trade today due to increased selling by stockists in the spot market.

Marketmen said mounting of inventories and reduced offtake in the physical market kept weight on steel futures prices.

At the National Commodity and Derivatives Exchange, steel prices for current June-month contract slipped by Rs 220 or 0.95 per cent to Rs 23,060 per tonne, with an open interest of 35,990 lots.

Mid-August contract delivery also dropped by Rs 220 or 0.92 per cent to Rs 23,820 per tonne, with an open interest of 4,430 lots.