Billet Market Heads for Fourth Weekly Gain

Indian MS billet market this week has shown a sharp recovery in prices by INR 900-1,600/MT across major markets.

This week, domestic billet market has headed for 4^th weekly gain as prices have jumped by INR 900-1,600/MT W-o-W. Billet makers have found support on the backdrop of expected imposition of MIP on steel products coupled with improvement in finished steel buying in domestic market.

Major hike has been seen markets including Durgapur (+1,650) and Rourkela (+1,450), followed by Raipur and Mumbai (+1,200). Current MS billet offers for size 125*125 mm are prevaling at INR 22,700/MT ex-Durgapur, INR 23,300/MT ex-Raipur, INR 24,700/MT ex-Mumbai and INR 24,400/MT ex-Hyderbad.

Meanwhile, sponge iron prices have also gained by INR 800-1,000/MT across all Indian regions. It has been learned from sources that market trade volume may remain weak in coming days due to new year celebration holidays. Market will get further direction only after 4 Jan’16 (Monday).

MS billet prices as on 31 Dec’15

Prices in INR/MT
Source: SteelMint Research