Domestic billet market, post witnessing sharp increase in offers during the month of Dec’15, has started to witness price corrections in the starting week of 2016. Offers in a week have declined by INR 300-500/MT. Fall in demand seems to be major reason for decrease in prices.
As per sources, central and east India based manufacturers are unwilling to sell material at lower rates, viewing the advance booking of material. However, it will be interesting to see where will market sentiments drive in upcoming days.
Trade-wise
1. Shyam Metalics offered billet at INR 21,600/MT and P-DRI at INR 11,900/MT ex-plant (Odisha).
2. Hyderabad based manufacturers reduced offers sharply for billet by INR 1,000/MT in last two days due to low buying interest by mill operators.
3. Billet export offers from China increased to USD 240-245/MT, FoB Chinese main port.
MS billet prices on 6 Jan’16
| Particular | Prices | W-o-W |
| Ex-Mandi Gobindgarh | 24,600 | -1,000 |
| Ex-Durgapur | 22,100 | -400 |
| Ex-Rourkela | 21,450 | -350 |
| Ex-Raipur | 22,500 | -500 |
| Ex-Ahmedabad | 24,750 | -500 |
| Ex-Goa | 23,350 | 550 |
| Ex-Jalna | 24,000 | -300 |
| Ex-Mumbai | 23,750 | -500 |
| Ex-Chennai | 23,400 | 450 |
| Ex-Hyderabad | 23,500 | -500 |
Prices in INR/MT
Source: SteelMint Research
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