On September 10, SteelOrbis reported domestic Indian induction grade (secondary grade) billet prices in the Raipur (central east India) softening to INR 35,800-36,300/mt ($493-500/mt) ex-works Raipur.
Sources inform SteelOrbis that billet prices are showing “confusion and volatility” as they have softened further to INR 35,300-35,800/mt ($491-498/mt) ex-works Raipur. Due to improvements in the currency exchange against the dollar, prices only declined $2/mt.
The downward pressure is attributed to a slight nervousness due to the INR declining in value above the 70 level against the dollar and potential overhang short-term supply both as a result of improved utilization rates at mills and slower consumption. Additionally, sources report export transactions of ex-India billet sold to Nepal at "lower prices compared to several weeks ago."
USD = INR 72.58 (Sep 9)
USD = INR 71.94 (Sep 12)