Indian Billet market has witnessed slight price correction and offered at INR 30,000-32,000/MT ex-works.
Indian Billet prices, which had showed some strength on backdrop of low inventory last week, have noticed some correction today. With offers falling by INR 100-300/MT, market participants anticipate that prices may correct slightly owing to low off-take for finished steel.
Manufacturers believe that despite mills running below capacity level, steel prices will have very limited scope of moving up owing to financial crunch in the market.
They also mentioned that buying is yet to come from end consumers, which is largely from government projects.
Weekly Average Trade Prices (basic) for August, 2014
|
Week |
Chennai |
Durgapur |
Kandla |
Mandi |
Mumbai |
Raipur |
Rourkela |
|
Week 1 |
32,200 |
31,300 |
31,500 |
34,900 |
30,900 |
30,800 |
29,700 |
|
Week 2 |
32,100 |
30,700 |
30,600 |
34,000 |
30,400 |
30,200 |
29,200 |
|
Week 3 |
32,000 |
30,400 |
30,700 |
33,700 |
31,100 |
30,200 |
28,900 |
|
Week 4 |
32,100 |
30,900 |
32,100 |
34,400 |
32,000 |
30,800 |
29,900 |
Indian Billet Export Prices at USD 515-520/MT FOB
Indian prime grade Billet prices from state-owned units are at around USD 515-520/MT FOB East Coast of India for Bangladesh & Sri Lanka, which is in line with global prices.
Private manufacturers are not offering in the global market as they seek better realization in the domestic market.
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