Indian Billet market is not encouraging and show no improvement in buying levels.
A trader in Mandi Gobindgarh mentioned about correction in price by Rs 400/MT at Rs 35,000/MT in line with falling Ingot price.
“Billet in Raipur is being traded at Rs 33,200-300/MT, down by Rs 300/MT and offer in Bhilai is at Rs 33,000/MT. Buyers are not placing any booking order as sales in finished steel market is poor”, said traders.
“In Raigarh, Rourkela, Mumbai and Jalna, offers reduced by Rs 200/MT at Rs 33,000/MT, Rs 31,500-600/MT, Rs 33,800/MT and Rs 33,300-400/MT respectively. Buying is in few quantities”, reported sources.
Decent trading volumes kept prices unchanged in mandis' such as Kolkata, Durgapur, Hyderabad, Ahmedabad, Kandla and Bhavnagar.
According to market participants, “dull finished steel markets has resulted in weak demand for Billet”.
CIS Billet offers have come down which is being quoted at $590 FOB price. Billet is being imported to India i.e. to Chennai and it is being sold at Rs 33,500/MT (Basic price).
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