When rupee started falling there were disappointment in each corner of the market and the negative sentiment is leading to the belief that the Indian market is going towards an economic slowdown. However, there are few market players who have identified a market opportunity and have tapped it very well. The weak rupee has created an opportunity for Exports of products like Billet and TMT and market players like SAIL and some secondary players from Durgapur and Jalna are making good use of this opportunity.
SteelMint sources have confirmed that SAIL, India's one of the primary producers received 1, 00,000 tonnes export offer of Billet and TMT for two months.
On similar trend secondary producers are also exporting steel materials. Billet is being exported to Nepal and Bangladesh in bulk quantity from Durgapur. (Loaded to wagon: $435-440/MT, CNF Nepal offers: $485/MT)
Similarly approx 10,000 tonnes TMT is being exported to Shri Lanka, Kenya and Nepal from Jalna. 12MM TMT offers in Jalna at INR 35,000/MT and $ 552-553/MT (Basic Ex-Plant).
$1 = INR 63.46
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