Billet manufacturers have been forced to bring down the output level to more than 70% as cost of production is not matching with the current sales.
It is becoming difficult to get rid of the material as buyers are not interested to take it in large quantities.
Though, participants were optimistic on price gains but have not yet met with any and offers drop up to Rs 500/MT today.
There was not much of fluctuation in market due to absence of Steel Long contract but with a new one, prices are witnessing regular changes.
In Hyderabad, prices fall by Rs 1,000/MT in total by evening.
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