With rising raw material prices and improved global market, Indian billet prices have touched 8 months high
Steelmint ‘s assessment for induction grade billet of size 125*125 mm is at INR 30,600-30,800/MT (USD 475-478) ex-Mumbai, this level was last seen in mid of April 2017.
Billet prices continue to move across India on low inventories and rising raw material prices. Indian exporters have hold their offers as domestic prices exceed global prices.
Key factors driving prices:
1. India’s largest Iron ore miner NMDC has increased iron prices by 13% for Dec’17 deliveries
2. Rising scrap and pig iron prices are supporting billet prices. Notably scrap prices have increased by INR 500-1,000/MT (USD 8-16) in last couple of weeks and pig iron prices have increased by INR 400-1,000/MT (USD 6-16)
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