On October 1, Sources inform SteelOrbis that domestic billet offer prices decreased to INR 34,000-34,400/mt ($464-469/mt) ex-works Raipur. The decline was attributed to market uncertainty as well as the continued devaluation of the INR against the dollar.
Sources inform SteelOrbis that offer prices mid-week have ticked down and are now reportedly at INR 33,700-34,200/mt ($457-464/mt) ex-works Raipur. The prices decreased $7/mt from the bottom of the previous range and $5/mt from the top of the same range. The prices are reportedly affected by the economic impact of the INR slipping down further against the dollar and the additional supply pressure.
USD = INR 73.27 (Oct 1)
USD = INR 73.68 (Oct 3)