Billet prices in India corrected almost by Rs 1,200 ($20) per tonne in domestic market owing to weak demand and seasonal slowdown.Prices in domestic market is hovering around Rs 27,000-28,200/t ($450-470) on Ex- works basis. Industry participants blame that prices are softening largely on lack of infrastructural developments initiated by government. In Asia, China domestic billet price are at $470-475 that is up by $20-25 W-o-W basis.
India secondary steel producers accounts for almost 70% of total steel production and they have been reducing prices due to falling sponge iron and iron ore prices in domestic market. Traders and manufacturers believe that prices have over corrected and should find support at these levels
Low imports of ferrous scrap have not lend any support to domestic billet prices.
India export offers to Nepal have been heard at around $475-480/t FOB Nepal.
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