Billet prices across all major Indian markets have further lowered by INR 100-300/MT Today. Weak Inquiries has led the correction in prices according to manufacturers.
Current offers for Induction furnace grade billet are assessed at INR 23,800-27,200/MT (USD 350-400) ex-works. In context to the raw material, sponge C-DRI prices have also fallen by INR 50-200/MT D-o-D coming down to INR 14,400-16,500/MT (USD 210-242) ex-works.
In presents conditions, the billet manufacturers in Central & East India (known as large producers for sponge & Ingot/billet) are receiving minimal bookings from the outside of the state which in turn is resulting in poor trades and plunging down the prices.
Speculating, industry participants believe that there would be further price pressure in the semis products looking at upcoming elections in a couple of important states of India namely UP and Punjab. Experts think that the purchase inquiries for semis and finished steel products from the respective regions will reasonably be affected for a period.
However, as the Union Budget is awaited in the coming month a positive feeling is seen in the market. There is going to be some good news for the Indian Steel Industry the experts believe according to sources.
Leave a Reply