On July 12, SteelOrbis reported India’s domestic induction grade billet prices were receiving further downward pressure and were reportedly at INR 31,800-32,300/mt ($465-473/mt) ex-mill Raipur (central east India).
Sources inform SteelOrbis that efforts were made to increase prices on slight upward demand but it was short-lived; a week later, prices are now at INR 31,500-32,300/mt ($457-469/mt) ex-mill Raipur, reflecting a decline of $8/mt from the bottom of the previous range and $4/mt from the top of the same range.
USD = INR 68.33 (Jul 12)
USD = INR 68.88 (Jul 19)