Festive season, financial year closing, bank closure and dull finished steel demand are likely to further pressurize domestic billet makers in the coming days.
Billet prices, post 2nd week of this month, have declined across India by upto INR 1,000/MT. Market participants expect further downfall by around INR 300-700/MT as buyers have postponed buying due to fiscal year closure.
It is also heard due to festival, there will be shortage of labor in rolling mills, induction furnaces, and delay in transport. Bank will be closed on 25 Mar’16 and 26 Mar’16. Besides, IDBI bank called for 4 day strike from 28-31 Mar’16 against bank privatization plan.
MS billet prices as on 18 Mar’16
| Particular | Prices | D-o-D | W-o-W | M-o-M |
| Ex-Mandi Gobindgarh | 25,100 | -250 | -1,500 | -800 |
| Ex-Durgapur | 21,650 | -200 | -1,150 | -350 |
| Ex-Rourkela | 21,200 | -300 | -850 | -50 |
| Ex-Raipur | 22,200 | -100 | -1,300 | -150 |
| Ex-Ahmedabad | 24,350 | -400 | -2,150 | 150 |
| Ex-Jaipur | 23,700 | -100 | -1,800 | -1,200 |
| Ex-Jalna | 23,800 | -700 | -1,450 | -400 |
| Ex-Mumbai | 23,800 | -400 | -1,700 | -400 |
| Ex-Chennai | 25,750 | 0 | -450 | 3,100 |
| Ex-Hyderabad | 25,000 | 0 | -1,000 | 1,000 |
Prices in INR/MT
Source: SteelMint Research
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