On August 9, SteelOrbis reported that domestic Indian induction grade (secondary grade) billet prices in the Raipur (central east India) region increased to INR 33,100-33,600/mt ($481-488/mt) ex-works.
Market sources inform SteelOrbis that after the improved offer prices noted on August 9 offer prices began to soften for the next few days reaching INR 32,300-32,500/mt ($468-471/mt) ex-works Raipur on August 11, prices are now showing signs of lifting again and are reportedly at INR 32,400-32,700/mt ($462-466/mt) ex-works Raipur. While offer prices increased in INR terms in the past few days, due to devaluation of the INR against the dollar, prices in dollar terms decreased $6/mt from the bottom of the range on August 11 and $5/mt from the top of the same range.
A source noted that billet prices in the Durgapur (north east India) region should be trending slightly higher, though close to Raipur, as a result of strong billet sales to Nepal. According to preliminary customs data, Nepal imported 660,244 mt of ex-India billet in the first seven months of 2018, up 6.6 percent from 619,552 mt of ex-India billet imported in the same period in 2017.
USD = INR 68.81 (Aug 8)
USD = INR 69.04 (Aug 11)
USD = INR 70.19 (Aug 15)