In a month’s duration, 150*150 mm billet prices in China have declined by RMB 70/MT to RMB 1,570/MT (17% VAT included). Meanwhile ,Chinese billet (125*125 mm) export offers have fallen by USD 10/MT to USD 265/MT, FoB China.
Indian domestic billet prices across major markets have fallen sharply by INR 1,200-1,800/MT on the backdrop of negative sentiments. While, iron ore and coal prices have remained firm in the duration.
Chinese offers have fallen in the wake of production curtailment by local manufacturers amid economical slowdown. However, weakening of Indian market is as a result of lull buying activities amid ongoing Hindu festive, Diwali.
Market participants anticipate no major downfall as Indian billet prices have already hit an all time low level and it is expected that prices will remain range-bound at current levels of INR 19,600-22,700/MT (USD 300-350/MT).
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