Billet prices in Hyderabad, Southern India have dropped by INR 1,000/t after remaining stable at INR 43,000/t for three consecutive days. As per the sources, over 2,000 t billet deals have been concluded at INR 40,000/t exw Raipur, equivalent to INR 42,000/t FoR Hyderabad, while a few plants in Hyderabad have floated offers at approx. INR 42,300-42,500/t FoR. Competitive offers from outside plants (Raipur) amid weak sentiments in the finished long steel market over rising covid cases remained as the major factors behind the drop in offers.
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