On September 5, SteelOrbis reported domestic Indian induction grade (secondary grade) billet prices in the Raipur (central east India) up at INR 35,500-36,000/mt ($496-503/mt) ex-works Raipur. Despite the increase in domestic currency, due to the further currency devaluation, prices decreased slightly in dollar terms.
Sources now inform SteelOrbis that Raipur prices continue the upward trend and are now reportedly at INR 36,200-36,600/mt ($503-509/mt) ex-works. Offer prices increased $7/mt from the bottom of the previous range and $6/mt from the top of the same range.
USD = INR 71.63 (Sep 5)
USD = INR 71.95 (Sep 6)