On December 28, SteelOrbis reported Indian domestic induction grade billet offer prices at INR 31,500-31,800/mt ($451-455/mt) ex-Raipur in the state of Chhattisgarh.
Sources inform SteelOrbis that by December 31 prices increased to INR 31,800-32,000/mt ($457-460/mt) ex-Raipur. Over the past few days, sources report that prices have dampened back to INR 31,600-31,800/mt ($451-454/mt) ex-Raipur. In dollar terms, prices have remained stable on the lower end and moved down by $1/mt compared to December 28 but decreased $6/mt compared to December 31, both on the lower end.
Induction grade billet prices are now reportedly at INR 31,700-32,000/mt (453-457$/mt) ex-Durgapur in eastern India. In northern Odisha, induction grade billet is reportedly at INR 31,000/mt ($443/mt) ex-Rourkela, which according to sources has trended INR 500-1,000/mt below ex-Durgapur prices for the past three months.
USD = INR 69.89 (Dec 28)
USD = INR 69.60 (Dec 31)
USD = INR 70.01 (Jan 2)