On October 17, SteelOrbis reported Indian domestic induction grade billet offers ticking up at INR 34,000-34,500/mt ($463-470/mt) ex-Raipur.
Sources informed SteelOrbis that domestic induction grade billet offers continued trending up to INR 34,700-35,100/mt ($472-478/mt) ex-Raipur, excluding the GST 18 percent tax, on October 22. Prices increased $9/mt from the bottom of the previous range and $8/mt from the top of the same range.
However, the surge was limited and prices dipped today to INR 34,300-34,600/mt ($467-471/mt) ex-Raipur. Compared to yesterday’s recent peak, prices declined $5/mt from the bottom of the previous range and $7/mt from the top of the same range.
USD = INR 73.48 (Oct 17)
USD = INR 73.47 (Oct 22)
USD = INR 73.43 (Oct 23)