Indian domestic billet prices fall by INR 100-400/MT (upto USD 7) on 12 July owing to low purchase by re-rollers following weak demand in finished products.
Further with decline in billet offers sponge producers have reluctant to cut their offers. On daily analysis the prices observed correction of INR 100-200/MT.
On 12 July, SteelMint’s price assessments for induction furnaces billet size 125×125 mm are reported at INR 24,500-27,500/MT (USD 376-423) ex-plant.
Further the coal based sponge C-DRI price assessment was at INR 15,000-16,500/MT (USD 230-253) ex-plant.
Indian sponge & billet reference prices as on 12 July 2017
| Particular/Delivery | C-DRI | D-o-D | W-o-W | Billet | D-o-D | W-o-W |
| Ex-Raipur | 16,500 | -200 | 0 | 25,700 | -50 | -450 |
| Ex-Durgapur | 15,250 | 0 | -350 | 25,000 | -400 | -800 |
| Ex-Rourkela | 15,000 | – 100 | -300 | 24,500 | -200 | -750 |
| Ex-Bellary | 15,900 | – 200 | -200 | 26,400 | 0 | -500 |
| Ex-Ahmedabad | – | – | – | 27,100 | -200 | -650 |
| Ex-Mumbai | – | – | – | 27,000 | -200 | 0 |
Basic, ex-works prices & excluding of GST @ 18%
Source: SteelMint Research
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