Billet prices in the Indian domestic market continuous the downward mode following limited bookings by rolling mill operators. On D-o-D, prices fall by INR 100-400/MT and evaluate at INR 22,800-25,800/MT (USD 335-380) ex-works.
The manufacturers in Central India mentioned, currently nil trades to the North & Western regions. While, sales in the local market is limited due to sparse demand in the finished steel products.
In North India, according to the agents/traders they are facing heavy liquidity crunch owing to ongoing elections in the region, which has halted their payments. This has directly impacted their trade currently.
In East India (West Bengal & Odisha), the trade sources reported, mounting selling pressure to the manufacturers as Integrated plants which largely sold material for export are now aggressively trading material in the domestic market.
Similarly, in West & South India the demand is not much supported from the local buyers too. Although, sharp fall in Imported scrap prices is another major reason behind falling billet prices in the regions. In a week duration, imported HMS scrap prices fell by USD 15/MT to USD 235-240/MT CNF India. Analyzing, monthly price movement it declined by USD 25/MT.
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