Indian Billet demand is low due to weak finished market

Billet prices are kept same in some places whereas in other places they have marginally reduced.

“Raipur Billet trading prices are same at Rs 33,600/MT from last trade (Basic price, payment next day). Buying is average and prices are expected to fall in the near term if demand slows down. Mandi is also down toady. Movement in finished steel demand will have an impact in Billet market,” said a trader in Raipur.

Raigarh Billet is being quoted by Rs 100/MT more at Rs 33,300/MT (Basic price, payment next day). A trader in Raigarh said that labour shortage has come up as a major reason due to which demand is weak in finished steel and Billet market is down.

Rourkela Billet trades at Rs 32,700/MT (Basic price, payment next day), down by Rs 100/MT.     

“Durgapur and Kolkata prices remain stable at Rs 38,500/MT (Including all, payment next day) and Rs 38,800/MT (Including all, payment next day) respectively as buying is decent at these levels,” a manufacturer from the city remarked.

“Hyderabad manufacturers raise offers by Rs 500/MT at Rs 34,750/MT (Basic price, payment next day) but markets are in a wait and watch mode to understand if trading volumes will be good at these prices, which would otherwise result in price correction. Prices were expected to stabilize but due to improved buying they have increased,” reported a Hyderabad based manufacturer.   

Jaipur Billet prices has reduced to Rs 34,200/MT (Basic price, payment next day) by Rs 100/MT.

Mumbai Billet price has reduced marginally by Rs 100/MT and is trading at Rs 35,100/MT (Basic price, payment next day).

Jalna prices are same as previous trades at Rs 34,200/MT at (Basic price, payment next day).

“Goa Billet is being offered unchanged at Rs 33,900/MT (Basic price, payment next day) and trading volumes are low due to weak demand in finished product. It is unpredictable if prices might either correct or rise further,” said a Billet trader in Goa.

“Ahmedabad Ingot and Scrap market is weak due to which Billet prices have corrected by Rs 300/MT at Rs 33,500/MT (Basic price, regular payment) ,” said sources.

According to a Kandla trader, prices have slipped as per expectations. Prices reduce by Rs 300/MT at Rs 35,300-400/MT (Basic price, payment next day) as manufacturers are not getting orders in large quantities and there are issues with payments too.

Trading volumes are still low as demand is not picking up in large.