On September 27, SteelOrbis reported Indian domestic billet prices at INR 35,000-35,500/mt ($482-489/mt) ex-works Raipur.
Sources inform SteelOrbis that domestic offer prices decreased to INR 34,000-34,400/mt ($469-474/mt) ex-works Raipur on September 28, sought to increase INR 300-400/mt on September 29 and slipped once again to INR 34,000-34,400/mt ($464-469/mt) ex-works Raipur by October 1.
Compared to September 27, offer prices declined $18/mt from the bottom of the previous range and $20/mt from the top of the same range. The decline is attributed to market uncertainty as well as the continued devaluation of the INR against the dollar.
USD = INR 72.59 (Sep 27)
USD = INR 72.55 (Sep 28)
USD = INR 73.27 (Oct 1)