On August 6, SteelOrbis reported that induction grade (secondary grade) billet prices in the Raipur (central east India) region increased to INR 33,000/mt ($480/mt) ex-works Raipur. The same trend was reported in the Durgapur (north east India) area where prices increased to INR 33,000-33,500/mt ($480-487/mt) ex-works.
Sources inform SteelOrbis that prices in the Raipur region have increased to INR 33,100-33,600/mt ($481-488/mt) ex-works, up $1/mt from the bottom of the previous range and $7/mt from the top of the same range.
Sources did not readily provide Durgapur billet prices but asserted that billet offers in most Indian regions continued their upward trend of INR 100-300/mt throughout the week, although, he cautioned that “some traders are expressing concern in the strength of the positive momentum in billet prices as some mixed signals are surfacing in the market.” A source added that billet prices in the eastern Indian regions were being supported by tightening in production supplies as well as export demand by neighboring countries such as Nepal but that domestic buyers are uncertain if the higher prices may attract additional short-term production at some mills and erode the price gains.
USD = INR 68.80 (Aug 6)
USD = INR 68.81 (Aug 8)