On July 5, SteelOrbis reported India’s domestic billet prices were “receiving further downward pressure” and were reportedly at INR 32,800-33,000/mt ($476-479/mt) ex-mill Raipur (eastern central India).
Sources now inform SteelOrbis that prices for India’s induction grade billet in the Raipur region have continued to decline and are now reportedly at INR 32,500-32,800/mt ($473-477/mt) ex-mill Raipur. Prices declined $3/mt from the bottom of the previous range and $2/mt from the top of the same range.
USD = INR 68.84 (Jul 5)
USD = INR 68.73 (Jul 10)