Expected imposition of Minimum Import Price (MIP) and improvement in buying activities have supported Indian billet market this week. Prices across major markets have risen steeply by INR 1,100-1,500/MT W-o-W. Raipur and Hyderabad markets have witnessed major price hike of INR 1,500/MT, followed by Mumbai (INR 1,300/MT) and Durgapur (INR 1,100/MT).
Meanwhile, sponge iron prices have also increased steeply in-line to billet prices by INR 650-1,050/MT in domestic market. Current sponge offers are hovering in the range of INR 12,500-14,500/MT. While, billet offers are prevailing at INR 21,200/MT ex-Durgapur, INR 21,950/MT ex-Raipur, INR 23,600/MT ex-Mumbai and INR 24,000/MT ex-Hyderabad.
Trade highlights
1. Durgapur based manufacturers are trading billet at INR 21,200/MT today. On yesterday, they had traded the material at around INR 20,900-21,000/MT (VAT Billing).
2. Raipur based billet makers are offering material at INR 22,000-22,100/MT. As on 21 Dec’15, they sold the metal at INR 20,700-20,900/MT.
3. Jalna based manufacturers have increase billet prices sharply by INR 1,000/MT. Current offers are assessed at INR 23,500/MT, which was INR 22,500/MT on Saturday.
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