On August 20, SteelOrbis reported domestic Indian induction grade (secondary grade) billet prices in the Raipur (central east India) region down at INR 33,500-34,200/mt ($480-490/mt) ex-works. Prices declined in both domestic and dollar terms compared to the previous week.
Sources now inform SteelOrbis that prices have moved up to INR 34,000-34,300/mt ($484-488/mt) ex-works Raipur. Prices increased $4/mt from the bottom of the previous range but trended down $2/mt from the top of the previous range on currency fluctuations.
USD = INR 69.86 (Aug 20)
USD = INR 70.23 (Aug 23)