On September 6, SteelOrbis reported domestic Indian induction grade (secondary grade) billet prices in the Raipur (central east India) up at INR 36,200-36,600/mt ($503-509/mt) ex-works.
Sources close to the market inform SteelOrbis that domestic billet prices have softened early this week on demand concerns as the INR has devalued further against the dollar, affecting the confidence on some construction projects and the effect from volatile foreign investments. Although, as noted by one source, the stronger dollar “can also be viewed as an opportunity by foreign investors once the major market movements settle over the course of the week and as the government makes fiscal planning statements.” Billet prices have declined to INR 35,800-36,300/mt ($493-500/mt) ex-works Raipur, a decrease of $10/mt from the bottom of the previous range and $9/mt from the top of the same range.
USD = INR 71.95 (Sep 6)
USD = INR 72.58 (Sep 9)