In the last 2-3 days billet prices reported a drastic fall of INR 1,000-1,500/MT (USD 15-22) in South & Western India owing to weak demand.
Today offers for 125*125 mm billet are assessed at INR 26,000/MT in Ahmedabad & INR 25,600/MT in Mumbai (West India) & INR 25,000/MT in Hyderabad (South India). On 26th Dec’16 it was traded at INR 27,000/MT in Ahmedabad, INR 27,100-27,200/MT in Mumbai & INR 26,300-26,500/MT in Hyderabad.
However, in the same duration prices in another major markets are down by INR 500-800/MT to INR 23,800-23,900/MT ex-Raipur, INR 24,100-24,200/MT in Durgapur & INR 23,400-23,500/MT ex-Rourkela.
Trade participants have mentioned that, trades activities may remain bearish in the pursuing week. Major prices change likely to be in the coming week, while large producers have declare their prices for Jan’17.
Source: SteelMint Research
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