MS billet offers in domestic market have improved suddenly amidst depreciation in Rupee as it has made imports costlier.
Domestic MS billet makers, who melt scrap to produce billet, have risen billet offers owing to non-viability of imported material amid depreciation in Indian currency. In the recent trade, Rupee has touched to 65.4 levels against USD, which is a 2-year low.
Sources reported that imported scrap offers to India are unlikely to fall as demand for it in global market is good. MS billet offers in scrap melting markets like Mumbai and Jalna rose by INR 600-800/MT in this week. Whereas in Mandi Gobindgarh (Punjab), prices have increased by INR 250/MT.
Trade-wise
1. Raipur based manufacturers offered billet at INR 22,800-22,900/MT, ex-works; up INR 500-600/MT in last 1-2 days
2. Billet offers are similar in Mumbai and Jalna at INR 25,100/MT, ex-plant (RTGS payment)
3. South (Chennai) based billet makers traded at INR 23,500-23,600/MT, ex-works
4. Billet offers in Hyderabad rose INR 100-200/MT from yesterday’s trade; quoting at INR 23,600-23,700/MT, ex-works
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