Indian Billet prices have corrected upto USD 40/MT (M-o-M) owing to seasonal slowdown.
Falling demand amid monsoons is hitting steel prices in India. Billet offers have corrected by USD 5-10/MT in last few trades. Currently, Commercial grade Billet prices are hovering in the range of USD 480-500/MT (INR 29,200-30,500/MT) on Ex-Works basis.
Manufacturers highlighted that slowdown in demand from construction sector has led to price correction. Offers have corrected upto USD 40/MT in last 1-month. They are also hopeful that prices should stabilize, as production cost is higher than the selling price.
Billet manufacturers also blamed that cheaper Re-bar imports from China is a major concern for falling steel prices in Indian market.
Domestic Scrap prices have also declined by USD 30-40/MT in last 1-month. Current domestic prices are in the range of USD 390-400/MT (INR 23,600-24,200/MT) delivered plant site.
However, Sponge iron prices remain almost stable owing to Iron ore supply crunch in the market. Current offers are ranging from USD 320-360/MT (INR 19,500-21,800/MT) on Ex-Works basis.
Indian Export offers still High
Indian export offers are still high as compared to offers coming from CIS & South Asian countries. Last deal from an Indian manufacturer was heard to be settled at USD 525-530/MT delivered India-Nepal border.
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