Billet prices in Indian market have remained bearish as manufacturers are still under pressure due to poor demand from finished steel market.
Few Mumbai based billet manufacturers and brokers reported that this week is quite good as market was closed for 3-4 days in last week. Viewing at increase in imported scrap prices, thin production in billet and supportive long steel demand, they believe that prices will get some stability.
However, few Raipur based brokers stated that manufacturers are unable to sustain at current levels owing to piling up of inventory. They anticipate that billet prices may fall further, if demand will remain unsupportive.
In addition, buying from local market has remained sluggish and inquiries from north-east are very few at present. Out of total billet production, about 30-40% is supplied to north-east based markets, mentioned Durgapur based manufacturers.
A Gobindgarh (Punjab) based trader quoted, “Due to Diwali, dispatches were on hold and now we are receiving in bulk, which were booked before Diwali. Thus, availability of billet is currently on full fledged.”
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