Indian Billet Prices Further Increase in 2nd Day of Week 52

Billet manufacturers have further raise their prices by INR 100-600/MT D-o-D across major markets. Purchase inquiries remain strong on hiked prices, sources report.

Current offers for 100*100 mm billet are assessed at INR 22,500-26,300/MT (USD 330-385) ex-works, which was in the range of INR 22,400-25,700/MT (USD 329-378) on 19 Dec’16.

Trade Updates

1. Chennai based manufacturers namely Suryadev Alloys & Noble Steels heard of, sold billet in exports to Sri Lanka at the price range of INR 27,500/MT ex-works, quantity reported at approx 3,000 MT, Sources reported.

2. Odisha (Rourkela) sold billet to Hyderabad  at INR 24,500/MT FOR. Where as the manufactures in Rourkela and Hyderabad are offering billet at INR 22,500-22,600/MT & INR 25,000-25,500/MT ex-works, respectively.

3. Raigarh based RS Ispat reported billet deals for Raipur at INR 23,800/MT FOR, in opening hours. The company’s offer on ex-plant basis are at INR 23,400-23,500/MT.

4. Conversion spread from P-DRI to billet in Raipur today reached at INR 9,600/MT which was at INR 9,200/MT on 19 Dec’16 and in the range of INR 8,500-9,000/MT in Nov’16.

5. Ingot/Billet manufacturers in West Bengal reported weak demand from Bangladesh for exports as SAFTA agreement is going to expire in current month i.e. Dec’16. The manufacturers prime focus is to complete previous bookings.

Billet prices as on 20 Dec’16

Basic prices
Source: SteelMint Research