Today, domestic billet manufacturers have cut prices by INR 100-500/MT owing to less inquiries by rolling mill operators .
Trade sources added, with slight price corrections, inquires are less as buyers are cautious about fresh purchases at sharply increased prices.
Presently, domestic offers for 125*125 mm billet are in the range of INR 24,000-27,300/MT (USD 352-401) ex-works. On 26 Dec’16 it traded at INR 24,200-27,700/MT (USD 355-406) ex-works; down by INR 200-500/MT D-o-D.
Looking at exports, Indian offers remained firm at USD 405-410/MT FOB (East & Western coast). Although, Chinese offers fell in the last week by USD 15-20/MT to USD 415/MT FOB, offers showed some resistance as steel futures stand corrected. Generally January and February is dull season for construction activities in China due to winters.
For an outlook, industry players are unwilling to say as the both, buyers & sellers are cautious about to sale & purchase materials and waiting for clear market indications.
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