Western India based mills resume billet purchase from Raipur

Jalna-based rebar manufacturers have booked hefty volumes of billet from Raipur today, which has led to sharp surge in billet prices in Raipur & Raigarh by INR 1,200-1,500/t, d-o-d. Today, the deals happened at the range of INR 42,000-42,300/t exw Raipur, equivalent to INR 43,800-44,000/t FoR Jalna. Amidst oxygen shortage, the major plants in Jalna have lowered their melting production because of which producers are sourcing billet from outside. In addition, sharp surge in sponge iron prices following a rally in iron ore & pellet prices also remained a key factor behind rise in billet prices.