As Indian buyers of steel turn away from more expensive import alternatives in favor of domestic steel, Indian steelmakers are experiencing an uptick in domestic demand that has trickled to improved pricing for domestic billet.
Sources inform SteelOrbis that billet prices on October 2 were on average at INR 26,200/mt ($400/mt) ex-Raipur and bottomed out within the month on October 13 at approximately INR 25,600/mt ($396/mt) ex-Raipur. Since then, the upward trend has led to billet at INR 27,100/mt ($419/mt) ex-Raipur on October 31. Raipur is in the state of Chhattisgarh in East India.
According to sources, the upward trend is also evident at the raw material level as domestic pellet offers are also reportedly moving up on rising domestic DRI prices.
$1= INR 65.54, (Oct 2)
$1= INR 64.69, (Oct 13)
$1= INR 64.67, (Oct 31)