On January 2, SteelOrbis reported Indian domestic induction grade billet offer prices at INR 31,700-32,000/mt ($453-457/mt) ex-Durgapur in eastern India. In northern Odisha, induction grade billet was reportedly at INR 31,000/mt ($443/mt) ex-Rourkela, which according to sources had trended INR 500-1,000/mt below ex-Durgapur prices for the past three months. SteelOrbis reported Indian domestic induction grade billet offers at INR 31,600-31,800/mt ($451-454/mt) ex-Raipur for December 31.
Sources inform SteelOrbis that prices have declined over the week and prices are now INR 30,800-31,000/mt ($439-442/mt) ex-Raipur. Compared to December 31, ex-Raipur prices declined $12/mt. A source estimates that prices in the Durgapur and Rourkela regions have also decreased $8-10/mt over the past week.
Prices in Mumbai for induction grade billet are reportedly at INR 32,400-32,700/mt ($462-466/mt) ex-Mumbai. SteelOrbis previously reported December 26 prices at INR 33,300-33,500/mt ($475-478/mt) ex-Mumbai. Compared to December 26, ex-Mumbai prices decreased $13/mt from the bottom of the previous range and $12/mt from the top of the same range.
USD = INR 70.01 (Jan 2)
USD = IND 70.15 (Jan 8)