In current scenario, Indian billet prices have reached to 6-month low levels. The same price levels were last seen in the last week of Jan’16.
Current offers for billet are assessed at INR 19,500/MT ex-Raipur, INR 19,100-19,200/MT ex-Durgapur, INR 21,050/MT ex-Mumbai and INR 21,950/MT ex-Chennai. The similar price range noticed on 30 Jan’16. Prices have also dipped to pre MIP levels.
Less scope of further fall amid expected continuation of MIP
Market participants are hopeful for extension of MIP (minimum import price), which was impose on 173 steel products on 4 Feb’16 to secure Indian steel industry and to curb steel import.
Mr. Sajjan Jindal, Chairmen of JSW Steel, requested to Indian steel ministry to continue MIP until imposition of anti-dumping duty.
As per industry sources, if the government will continue MIP, there is less scope of further downfall in Indian steel prices despite sluggish demand. Traders and stockiest have kept purchases on hold due to pending MIP decision. If the decision will be in favour, domestic demand may pick up soon.
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