Indian Billet Prices hit 1-Year Low

Key Highlights

1. Indian Billet prices hit 1-year low and offers have fallen over INR 1,500/MT M-o-M
2. Falling semi finish prices have resulted in net loss of INR 1,000-1,500/MT to standalone induction furnaces
3. Sponge iron prices correct marginally over raw material scarcity
4. Falling imported Scrap offers have given some relief to Indian steelmakers. HMS 1&2 assessed at USD 315-320/MT CIF Mumbai
5. Rebar prices have also corrected by INR 1,700/MT M-o-M
6. Billet prices have fallen in the global market amid cheaper offers from Chinese sellers. The material is being offered at USD 450-455/MT FOB Black Sea