On January 30, SteelOrbis reported Indian domestic induction grade billet offer prices at INR 31,700-31,900/mt ($445-448/mt) ex-Raipur.
Sources inform SteelOrbis that Indian induction grade billet offers have since ticked up domestically to INR 31,800-32,000/mt ($445-448/mt) ex-Raipur. Due to currency fluctuations, the offers continue stable in dollar terms. The source added that overall steel prices may increase in February. Already, Indian steel mills are reportedly increasing prices for domestic HRC for February deliveries.
USD = INR 71.27 (Jan 30)
USD = INR 71.44 (Feb 1)