Domestic MS billet makers today have further reduced their offers by INR 100-300/MT compared to previous day. Slack trade activities amid onset of monsoon have been hitting billet market since a week.
Prices during previous week registered a steep corrections of INR 300-800/MT, hitting pre MIP levels. However, sponge prices remained firm as market participants clearly indicate that prices have already bottomed out.
A major price correction of INR 300/MT against last day trade is witnessed in west India, especially Mumbai and Jaipur. However, south Indian market toady has remained stable. At the moment, 125×125 mm grade billet offers are accessible in the range of INR 19,200-23,500/MT.
As per sources, Vizag Steel yesterday reduced bloom prices by about INR 300/MT and offered 150×150 mm at INR 23,000/MT ex-yard, Hyderabad on the backdrop of limited demand and lower offers from secondary manufacturers.
MS billet prices as on 5 Jul’16
| Region | Particular | Prices | D-o-D | W-o-W |
| North India | Ex-Mandi Gobindgarh | 23,500 | – 50 | -400 |
| East India | Ex-Durgapur | 19,800 | 0 | -300 |
| Ex-Jharsugda | 19,200 | – 200 | -600 | |
| Ex-Kolkata | 20,200 | 0 | -300 | |
| Ex-Rourkela | 19,200 | – 200 | -600 | |
| Central India | Ex-Bhilai | 20,300 | – 100 | -400 |
| Ex-Raigarh | 19,900 | – 100 | -600 | |
| Ex-Raipur | 20,300 | – 100 | -400 | |
| West India | Ex-Ahmedabad | 22,400 | – 200 | -500 |
| Ex-Bhavnagar | 22,200 | – 200 | -500 | |
| Ex-Goa | 21,000 | 0 | -700 | |
| Ex-Jaipur | 22,200 | – 300 | -700 | |
| Ex-Jalna | 21,500 | 0 | -700 | |
| Ex-Mumbai | 21,500 | – 300 | -700 | |
| South India | Ex-Chennai | 21,700 | 0 | -800 |
| Ex-Hyderabad | 22,000 | 0 | -500 |
Prices in INR/MT
Source: SteelMint Research
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