Billet manufacturers raise offers on concern of falling rupee.
Manufacturers in Jalna and Jaipur raise offers by Rs
300/MT. Whereas, an increase of Rs 200/MT is witnessed in Raipur
and Raigarh.
Billet is being traded at Rs 35,500-700/MT in Mandi Gobindgarh due to rise in
Ingot price.
Billet price gain marginally by Rs
100/MT in Kolkata, Durgapur, Ahmedabad, Kandla and Bhavnagar.
Trading price remain at same level in mandis' such as Rourkela, Mumbai, Goa, Hyderabad and Chennai.
“Rupee is at record low of 55.34
per USD and might touch 56.50 levels soon, according to experts. Market is
unpredictable at this point of time and sales in finished products is limited.
Production has come down due to
issues on unavailability of labor. Demand has not improved and there are a
handful of inquiries at increased offers. Fall in rupee will also make scrap
expensive in Indian market”, market participants reported SteelMint.
Leave a Reply