On February 12, SteelOrbis reported Indian domestic induction grade billet offer prices at INR 33,300-33,500/mt ($472-475/mt) ex-Raipur.
Sources inform SteelOrbis that offer prices shortly soared to INR 34,500-35,000/mt ($487-494/mt) ex-Raipur but observed limited support, therefore, offer prices have now trended down to INR 34,000-34,400/mt ($479-484/mt) ex-Raipur. Inquiries are reportedly limited as buyers take a wait-and-see perspective. Compared to February 12, offer prices have improved, but compared to the recent short-lived high, offer prices decreased $8/mt from the bottom of the previous range and $10/mt from the top of the same range.
USD = INR 70.57 (Feb 12)
USD = INR 70.86 (Feb 13)
USD = INR 71.03 (Feb 14)