Indian billet prices have fallen by upto Rs 950/MT ($15) in last one week on subdued buying and falling export orders. Market participants highlight that strengthening Indian rupee has made exports not viable, above that falling billet prices in global market have weighed upon over all demand.
“Billet prices have fallen in the range of Rs 2,00-1,200/MT in last one week all across India, which had gained primarily due to weak Rupee. With fall in export orders, domestic prices will be under pressure.” said a billet manufacturer based in Durgapur.
Current offers for commercial billet in Durgapur stands at around Rs 28,500/MT (US$ 450) and Rourkela at around Rs 28,300/MT (US$ 447), he further added.
On the other hand, steel makers in Nepal highlight that, importing Billet from India is not viable at the moment as offers have gone up due to high volatility in Indian Rupee. Few weeks back offers were in the range of US$ 450-460/MT which has not gone up to almost $480-490/MT delivered to Nepal border.
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