Indian exporters kept offers unchanged at USD 540-560/MT FOB India for prime quality Billet, however buyers say prices are too high compared to global market.
Recent spike in Indian domestic prices have made Indian sellers to raise their offers for exports. Sources say offers from CIS and Far East Asian countries are so low that not many buyers are interested in Indian Billet.
“Buyers based in Bangladesh are expecting prime grade Billet at USD 530-535/MT CFR Chittagong or USD 500-510/MT CFR Benapole (Indian & Bangladesh border). But, Indian domestic offers are unreasonably high. They prefer to buy from South Korea & CIS countries, which cost them around USD 535-540/MT CFR Chittagong,” said an exporter based in India.
On the other hand, speaking to a trader based in Chennai mentioned that few trades took place last month from Chennai to Sri Lanka, but high prices in domestic market and appreciating INR has made Indian offers non-competitive.
Some manufacturers on West Coast are offering 3SP grade Billet at USD 555-565/MT FOB to African countries. But, unable to conclude any deal at these offers.
Indian commercial Billet prices have risen by INR 1,500/MT (USD 25/MT) in last one month on fear of mining ban in Odisha (largest Iron ore producing state in the country).
Current Offers for Commercial Grade (Induction Furnace)
|
Region |
City |
Prices in INR |
USD Prices |
M-o-M |
|
North India |
Mandi Gobindgarh |
35,700 |
595 |
+ 1,000 |
|
East India |
Rourkela |
30,700 |
512 |
+ 1,100 |
|
Durgapur |
32,300 |
538 |
+ 1,100 |
|
|
Kolkata |
32,500 |
542 |
+ 1,000 |
|
|
Central India |
Raipur* |
31,800 |
530 |
+ 450 |
|
Raigarh* |
31,500 |
525 |
+ 550 |
|
|
Bhilai |
31,700 |
528 |
+ 450 |
|
|
West India |
Mumbai* |
33,300 |
555 |
0 |
|
Jalna |
33,100 |
552 |
+ 1,050 |
|
|
Goa |
33,600 |
560 |
+ 1,200 |
|
|
Jaipur |
33,900 |
565 |
+ 500 |
|
|
Ahmedabad |
33,400 |
557 |
+ 400 |
|
|
Kandla/Ahmedabad* |
33,400 |
557 |
+ 400 |
|
|
South India |
Hyderabad |
34,000 |
567 |
+ 1,500 |
|
Chennai |
35,200 |
587 |
+ 1,400 |
All prices are basic; excise duty and other local taxes extra
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