On August 15, SteelOrbis reported a slight uptick in domestic Indian induction grade (secondary grade) billet prices in the Raipur (central east India) region increasing to INR 32,400-32,700/mt ($462-466/mt) ex-works after a downward correction through the previous week.
Sources now inform SteelOrbis that the upward trend has held and offer prices on the secondary grade are now reportedly at INR 34,000-34,600/mt ($486-494/mt) ex-works Raipur. Prices increased $24/mt from the bottom of the previous range and $28/mt from the top of the same range.
USD = INR 70.19 (Aug 15)
USD = INR 70.02 (Aug 16)