India Billet price increased by Rs 200-300/MT W-o-W over improved buying sentiment and rising raw material prices. After announcement of import duty on Scrap by 2.5% which had an immediate effect of Rs 500-700/t on the material arriving at port and it also shoot up the sponge price.
Ludhiana Billet Manufacturer says, 'We consume Qty 500-700 MT imported scrap every week, due to non availability of domestic scrap and low yield of sponge. And now due to sudden implementation of import duty our cost has increased by Rs 500-700/MT on the material that is booked earlier and its on the way'
Sponge prices also shoot up across region, as W-o-W prices are up by Rs 500-900/MT. Raipur sponge prices that were offer one week earlier at Rs 18,600/MT (Basic) is now trading at Rs 19,600/MT. Similarly prices in Raigarh, Mandi, and Rourkela also increased by Rs 500-700/MT.
Structure prices in Central India also increased by Rs 200-300/MT whereas discount are offer to offset the rise. 'Price are in hold due to strike in Maharashtra. As soon as trade will resume we see price increasing by Rs 500-1000/MT' said well know trader based in Raipur.
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