Today, billet prices across all major Indian markets again fell by INR 200-400/MT. Higher price fall have seen in Maharashtra, Gujarat & Odisha by INR 300-400/MT, D-O-D.
Fresh offers for Induction furnace grade billet are assessed at INR 24,300-24,400/MT (-150) ex-Raipur, INR 24,300/MT (-200) in Durgapur, INR 23,400/MT (-400) ex-Rourkela, INR 26,600/MT (-250) ex-Mumbai, INR 26,600/MT (-400) ex-Ahmedabad & INR 25,500/MT (-300) ex-Chennai. Price changes are on D-o-D (against last day trade) basis.
Indian Domestic billet prices are continuous on downward mode in line with sparse demand following the lull sales in finish long steel products, which has disturbed trade activities for quite sometimes.
In context to global billet prices movement, it reported a decline of USD 5/MT to USD 400-405/MT FOB China (main port). Over all buying sentiments remain weak from South East Asian countries. Buyers are waiting for markets to take direction, which is expected post Chinese new year.
Recently, Vizag Steel (RINL) export tender of 30,000 MT Billet/bloom received bid at around USD 400/MT, FOB India. However, according to sources the company is yet to finalize the export tender as it is under negotiation at present.
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