In the Indian domestic market billet prices again slide by INR 100-400/MT D-o-D. The manufacturers reported poor off take as well less purchase by rolling mill operators.
Billet offers on 11th Jan’17 reported at INR 23,700-26,900/MT (USD 348-395) ex-works, which was at INR 24,000-27,200/MT (USD 352-400) on 10 Jan’17.
Trade Updates
1. Raipur based manufacturers are offering billet at INR 24,100-24,200/MT ex-plant. The manufacturers sold out few quantities to Kanpur & Indore.
2. Bhaskar Steel in Odisha has kept offers unchanged for billet at INR 24,000/MT & C-DRI at INR 14,000-14,200/MT ex-plant.
3. Export demand remain supported to East India (West Bengal & Odisha) based billet manufacturers. A trade source in Durgapur reported, export inquiries for Induction furnace grade billet by Nepal at USD 367-400/MT (INR 25,000-25,200/MT) ex-plant. In the last week, The Steel Authority of India Ltd (SAIL) has also concluded export deals to Nepal at USD 415-420/MT ex-plant, Durgapur.
4. Billet offers remain unchanged in Chennai by Shakti Ferro at INR 25,000/MT ex-plant on immediate payment basis.
5. According to agents in Mumbai sufficient quantity of billet have been sold out in the morning of 11th Jan’17 at INR 26,900/MT after that buying interest have seen at less price by INR 100/MT to INR 26,800/MT.
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