Billet manufacturers in some mandis' cut offers expecting
buyers to take position at these levels. “Billet offers reduce by
Rs 200/MT in Raipur and Raigarh being quoted at Rs 33,400/MT and Rs
33,100/MT (Both are Basic price, next day payment) respectively.
Traders said that poor sales of finished material, falling Sponge Iron prices
and liquidity crunch in market has resulted in downtrend of offers. But rise in
power tariff does not support prices to move down. Buyers are in a wait and watch mode and want
prices to stabilize. We expect decent sales at these levels,” remarked a trader.
In Mumbai and Jalna Billet price slipped
by Rs 400/MT at Rs 33,800/MT and Rs 33,200/MT (Both are Basic price, payment next day)
respectively. “Sales in finished products is poor due to which demand in
Billet is not picking up,” reported a trader.
Kandla and Bhavnagar markets witnessed a
correction of Rs 200/MT. Billet in Kandla is offered at Rs 34,100/MT and
Bhavnagar Billet trades at Rs 34,200/MT (Both are Basic price, payment next
day). A trader in Kandla anticipates price to come down further in the range of
Rs 100-200/MT as there is a negative sign of purchasing due to low trading
volumes in finished markets.
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