Indian billet offers continue to upsurge over good demand for the product in the domestic & global market as well. Rising scrap prices is another push for strengthen domestic prices & quite good demand in the global market.
Since couple of days billet price increase up to INR 1,000/MT (USD 15) and hovering in the range of INR 24,500-27,800/MT (USD 365-415) Ex-Works.
The fresh domestic offers for billet in major markets reported – at INR 25,700-25,900/MT (+300) ex-Raipur, INR 24,900-25,100/MT (+250) in Durgapur, INR 28,600-28,800/MT (+250) in Gobindgarh, INR 27,700/MT (+500) ex-Mumbai, INR 27,700-27,800/MT (+400) ex-Ahmedabad & INR 27,500/MT (+500) in Hyderabad. The price changes are mentioned against last day (day on day) trade basis.
The producer in the Raipur, Central India & in Durgapur, East India has mentioned that there is spike in prices over improved trades in the local market.
They claim that there is no need to force buyers; deals are easily taking place as the rebar demand is higher for quite some time.
Similarly, the renowned manufacturers in Chennai, South India & Ahmedabad, Western India added that local demand is supportive, however they are majorly dealing with global buyers. According to them they are booked for coming more than a month duration with advance booking for billet for South East Asian Countries & Western Countries as well.
The average deal price for export is assessed at USD 410-420/MT from West India & USD 420-425/MT by South India based suppliers on FOB basis.
Recently, Vizag Steel has concluded an export tender for 15,000 MT billet (150X150 mm) on 06 Mar’17 with increase bid price by USD 15/MT to USD 405/MT FoB. The company’s last export tender for 20,000 MT billets (150X150 mm) which expired on 16 Feb’17 was concluded at USD 390/MT, FoB India and the cargo is likely to be shipped to South East Asian countries.
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