Indian billet prices which had gained sharply in the month of August owing to falling Rupee against USD, had started cooling down after Rupee has stabilized in the range of 61-62/USD.
Market participants mention that prices have corrected largely due to narrowing export parity which has increased supply in domestic market. Current prices in spot market are hovering in the range of Rs 28,000-295,00/t ($460-480) on Ex-works basis.
In India's total crude steel production of 77 million tonnes, secondary steel manufacturers who make steel through Induction Furnace or Electric Arc Furnace route contributes a significant percentage.
According to sources largely billet (IS 2830 grade) export deals were done in the range of US$510-515/MT FOB Indian East coast.
| Indian Billet prices (in INR/MT) as on date 28-Oct-2013
|
| Particular | Grade | Price (Basic) | Change | W-O-W | M-O-M |
| Mandi Gobindgarh | Commercial | 31,700 | – 100 | – 700 | – 700 | |
| Rourkela | Commercial | 27,100 | – 400 | – 800 | – 1,000 | |
| Durgapur | Commercial | 27,800 | – 200 | – 1,000 | – 300 | |
| Kolkata | Commercial | 28,100 | – 200 | – 1,000 | – 300 | |
| Raipur | Commercial | 27,800 | – 200 | – 900 | – 600 | |
| Mumbai | Commercial | 29,800 | – 100 | – 800 | – 1,700 | |
| Kandla | Commercial | 29,600 | 0 | – 1,100 | – 1,500 | |
| Chennai | Commercial | 29,400 | 0 | 0 | – 400 |
*Payment next day Daily Assessment
Excise duty @12.36%; VAT as applicable.
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