On April 25, SteelOrbis reported billet at INR 38,000/mt ($569/mt) ex-works in the northern Indian market of Mandi Govindgarh.
Consistent with that information, sources inform SteelOrbis that primary billet offers in India are trending at INR 37,500-38,400/mt ($564-578/mt) ex-works depending on region.
Sources inform SteelOrbis that secondary grade billet is presently at INR 35,500-35,900/mt ($534-540/mt) ex-works from induction furnaces. Billet reportedly increased INR 500-600/mt over the past week or approximately $7.50-9.00/mt given the limited currency fluctuation. A source added, “With the improvement in domestic scrap prices, upward trend in the semi’s market, acceptance of Indian billet export tenders in neighboring countries, plus overall positive growth outlook in the Indian domestic market, the improvement in billet prices makes sense.”
USD = INR 66.80
USD = INR 66.48