The Indian billet manufacturers reported less purchase inquiries for the material following which they are reluctant to cut prices. In the last couple of days domestic billet prices reported fall of INR 300-600/MT (USD 4-9).
Viewing in raw material price movement, sponge C-DRI prices fall up to INR 200/MT during the same time period and hovering in the range of INR 15,500-17,500/MT (USD 230-260) ex-works.
Moreover, post reduced prices domestic billet offers are evaluated at INR 24,200-27,400/MT (USD 360-408) ex-works. The offer price in the major market are as follows – INR 25,800-25,900/MT (-50) ex-Raipur, INR 24,700-24,900/MT (-50) in Durgapur, INR 27,300/MT (-300) ex-Mumbai, INR 27,000-27,100/MT (-450) in Ahmedabad & INR 26,500/MT (0) ex-Hyderabad. Price changes are mentioned against the last day (day on day) basis.
Trade participants reported that there is rumor in the market about sharp fall in prices by large producers for Mar’17 deliveries which is making negative sentiments in the markets. However, SteelMint could not get any confirmation regarding the same from the large producers.
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