In a significant recent development, India’s induction furnace billet index, monitored by BigMint for the key secondary steel market of Raipur in central India, has drifted up to a 6-month high, as per latest available data. The index is on the ascendant due to a melange of factors, notably momentary supply tightness and sudden swings in raw materials prices, BigMint notes. It rose by INR 1100/t settling at INR 43,200/t exw ($519/t) exw Raipur as on 5 April, 2024, surpassing the rally of the last six months, driven by continuous buying support from the semi-finished and finished steel segments.
