In a day, billet offers in eastern market fell by INR 400-600/MT (USD 6-9/MT)
Today, billet offers in east India, Durgapur fell by INR 400-600/MT on account of recent imposition of USD 80/MT import duty in Bangladesh for SAARC & NON-SAARC nations.
Billet offers in Durgapur are assessed at INR 20,800-21,000/MT. However, yesterday it was traded at INR 21,400/MT ex-plant.
Shyam Sel, a large billet exporter to Bangladesh mentioned, “Bangladesh was the most favourable destination to export billet, but now the imposition of import duty is forcing us to sell material in local market. Billet offers in Durgapur are likely to fall further in days to come”.
Today, the company has reduced billet offers by around INR 300/MT to INR 21,100-21,200/MT ex-plant.
Earlier, the import duty was nil on import of billet from SAARC nations, including India and Pakistan. Since few months, India’s east based manufacturers prefer to export material to Bangladesh and Nepal due to better realizations.
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