Indian billet offers today reached at INR 21,400-25,000/MT ex-works post price movement of INR 100-500/MT, D-o-D and as per sources the manufacturers have started to close their operations.
Post currency demonetization by Indian government has led to more panic in the market for payment exchange and it directly impacted trades. Thus, inventory levels of steel products going to rise specially in Central & East India which known as large suppliers for semis products in Indian domestic and in the global market.
According to sources few medium size plants had close down their operation and these plants include, Induction furnaces & rolling mills. Sources also added that to maintain their books and due to liquidity crunch the manufacturers are temporarily halted their production and are in wait and watch mode for bulk sales and rise in prices.
As per Industry experts there is anticipation due to high prices of raw material, Indian semis prices are likely to remain volatile despite low trade activities.
Leave a Reply