With the price hike by INR 100-300/MT day on day, the billet offers today in Indian domestic market reported a 2 year high , the same price range were last seen in Apr’15.
The offer price for the day for Induction furnace grade billet are assessed at INR 26,000-30,500/MT ex-works.
The manufacturers today reported inquiries rally again on prevailing strong sentiments in the market.
Although, with significant price surge, conversion spread almost remained firm from P-DRI to billet which is in and around INR 9,500/MT in large sponge melting markets i.e. Raipur, Durgapur, Rourkela & Hyderabad.
Hence, the manufacturers in respected market stated that there is no need to worry about conversion spread as soon power charges will increase as happened every year.
Source: SteelMint Research
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