On June 29, SteelOrbis reported signs of a rebound. At the time, induction-grade billet prices ex-mill in the Raipur (central India) region were reportedly at INR 35,200-35,500/mt ($514-519/mt).
Sources inform SteelOrbis the rebound was short lived through the weekend and on July 2 offer prices have decreased lower than previous week’s low level reportedly at INR 34,700/mt ($508/mt) ex-mill Raipur on June 26. Prices are now reportedly at INR 34,300/mt ($499/mt) ex-mill Raipur. Prices declined $9/mt compared to the low and $15-20/mt compared to June 29.
USD = INR 68.37 (Jun 26)
USD = INR 68.46 (Jun 29)
USD = INR 68.72 (Jul 2)