Billet prices in Indian market moved up significantly on speculation of Iron ore shortage, after the Supreme Court’s order on suspension of 26 working mines in Odisha. Prices raised upto INR 2,000/MT (USD 33/MT) in eastern region of India and upto INR 1,000/MT (USD 17/MT) in western region.
Currently, it is being offered at around INR 32,200-35,200/MT (USD 545-595/MT) Ex-Works across India.
Current Indian MS Billet Prices with W-o-W Changes
|
Region |
City |
Price |
W-o-W |
|
North India |
Mandi Gobindgarh |
36,900 |
+ 1,200 |
|
East India |
Rourkela* |
32,200 |
+ 1,200 |
|
Durgapur* |
34,900 |
+ 2,600 |
|
|
Kolkata* |
35,200 |
+ 2,700 |
|
|
Central India |
Raipur* |
33,050 |
+ 1,250 |
|
Raigarh* |
32,900 |
+ 1,500 |
|
|
Bhilai* |
32,800 |
+ 1,100 |
|
|
West India |
Mumbai* |
34,000 |
+ 100 |
|
Jalna* |
33,300 |
0 |
|
|
Goa |
32,400 |
+ 100 |
|
|
Jaipur |
35,000 |
+ 1,100 |
|
|
Ahmedabad |
35,300 |
+ 1,100 |
|
|
Kandla/Ahmedabad* |
35,300 |
+ 1,100 |
|
|
South India |
Hyderabad |
34,000 |
+ 1,000 |
|
Chennai |
34,900 |
0 |
Basic Prices in INR/MT; ED @12.36; VAT as applicable
*Payment next day
Sponge based Markets will impact more than Scrap based Market
After the Supreme Court’s order, electric arc furnaces based on Sponge iron and located in eastern region will be impacted more than Scrap based furnaces located in western & northern region.
Scrap Imports will Increase
With rising Sponge iron prices, Indian steelmakers have shown interest in using domestic & imported Scrap and it is anticipated that imports will increase in coming months. Also, appreciating Indian currency will support imports.
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