On August 28, SteelOrbis reported domestic Indian induction grade (secondary grade) billet prices in the Raipur (central east India) up at INR 36,000-36,500/mt ($513-520/mt) ex-works Raipur.
Sources inform SteelOrbis that offer prices have trended down to INR 35,500-36,200/mt ($500-510/mt) ex-works Raipur. In dollar terms, the decline is more pronounced because of the currency depreciation of the INR against the dollar. Prices declined $13/mt from the bottom of the previous range and $10/mt from the top of the same range.
USD = INR 70.19 (Aug 28)
USD = INR 70.97 (Aug 30)