Indian Billet Prices Remain Uptick

Indian billet prices remain on higher side by INR 100-650/MT, D-o-D. In the similar line, sponge prices also surge by INR 100-300/MT.

The major price hike for billet have reported in Goa by INR 650/MT & in Hyderabad by INR 500/MT. However, in rest of the major markets it surge by INR 100-300/MT.

Today the fresh offers on Induction furnace grade billet are reported – at INR 25,600/MT (+200) ex-Raipur, INR 24,400/MT (+100) in Durgapur, INR 24,000/MT (+200) ex-Rourkela, INR 28,00/MT (+300) ex-Gobindgarh, INR 26,800/MT (+200) ex-Ahmedabad, INR 26,600/MT (0) ex-Mumbai & NR 26,000/MT (+500) ex-Hyderabad. Price changes are mentioned on day on day (against last day) trade basis.

Trade participants reported that, the manufacturers are not willing to sell billets at below offer prices as they are already booked in advance. Also, rising sponge & scrap prices in same proportion are forcing them to keep offers strong.

Updates

1. Odisha based manufacturers are traded billet to Raipur at INR 25,300-25,400/MT FOR. While, similar grade billet offered by Raipur based manufacturers in the range of INR 25,400-25,700/MT ex-plant. According to the sources the supplier/manufacturers are from Odisha who are selling billet to Raipur Namely, Jai Balaji Steels and Ganesh Metaliks.

2. Singhal Steels based in Raigarh is offering billet at INR 24,500/MT ex-Raigarh & INR 25,300/MT FOR Raipur.

3. Trade participants in South India, Chennai reported billet export deals by medium size manufacturers at USD 390-400/MT FoB, for South East Countries (Indonesia & Thailand).

4. Vizag Steel (RINL) concluded 20,000 MT billet export tender at USD 390/MT FOB. The cargo is likely to be shipped to South East Asian countries.

5. Sources reported, JSW Steel has concluded a fresh 10,000 MT billet export deal at USD 400-405/MT FoB. The 165*165 mm billet will be produce & export from its Dolvi, Maharashtra based plant.