In the opening of the week, Indian billet offers up by INR 400-800/MT compare to last week closing at INR 600-1,000/MT . However Chennai market reported dull due to low demand.
Currently, offers for billet have reached at INR 22,400-22,500/MT ex-Raipur, INR 25,300-25,400/MT ex-Mandi Gobindgarh, INR 21,800-21,900/MT ex-Durgapur , INR 24,000/MT ex-Mumbai and 23,100-23,200/MT ex-Chennai . Meanwhile billet offers are prevailing in the range of US$ 305-370/MT ex-works.
Trade sources reported that offers have increased but trades are yet not healthy as mills have sufficient stock of ingot/billet.
A market participant from Hyderabad quoted “Offers have moved up today, but mill operators are not taking interest at increased offers and are in wait and watch mode.”
Trade Updates
1. Raipur Billet sold at INR 22,400/MT (basic) ex Bhilai to Hyderabad.
2. Billet offers in Mumbai have remained firm today due to low buying activity. Due to increased offers deals are yet to happen .
3. Shakti Ferro based in Chennai has reduced billet prices by INR 500/MT to INR 26,000/MT (Including ED at 12.5%). Trader sources reported, offers reduced due increased supply from Central India at competitive price.
4. Karnataka based Apple Industries, which produces 8,000-9,000 MT billet per month and also a merchant seller, are offering billet at INR 23,500/MT ex-plant.
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