Billet manufacturers have kept their offers firm in Central & East India on D-o-D basis. However, in South & Western region it fluctuated by INR 100-250/MT.
Current offers for billet are prevailing in the range of INR 20,600-24,200/MT (US$ 305-360) ex-works; same as offered on 19 Nov’16.
In context to raw material, sponge C-DRI prices fell up to INR 300/MT and remained at INR 12,300-15,400/MT (US$ 180-230) ex-works.
Market participants are anticipating trade volume may remains thin due to liquidity crunch amid production cut & plants closure by most of the manufacturers.
Trade Updates
1. Billet supply continue to South & West India by Raipur based manufacturers. Suppliers reported that during last week the manufacturers have booked good volume from these respected regions.
2. Patnaik Steels in Kendujhar (Odisha) is offering billet at INR 20,500/MT ex-plant. However, in Rourkela same grade material is being offered at INR 20,700/MT ex-plant. According to large producers in the State billet exports inquiries surge in last couple of weeks.
3. Shakti Ferro based in Chennai has reduced billet prices by INR 500/MT to INR 27,000/MT (Including ED at 12.5%). Agents in the region reported, offers reduced due increased supply from Central India at competitive price.
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