At the end of Diwali holidays billet offers in Indian domestic market gained by INR 100-400/MT, D-o-D. Inquiries rose by rebar manufacturers as reported by major manufacturers.
Billet offer in today’s domestic market was reported at INR 21,400/MT ex-Raipur (Central India), INR 21,700-21,800/MT ex-Durgapur, INR 20,800/MT ex-Rourkela (east-India), INR 22,700-22,800/MT ex-Mumbai (West-India), INR 23,100/MT ex-Chennai (South India) and INR 24,500/MT ex-Gobindgarh (North India).
Due to the improved demand and rising scrap & coal prices in the global market, Billet prices in Indian market are likely to move up further.
Highlights
1. Traders in Gobidngarh reported shortage for billet as supply from north & central India affected due to festival season. There is also shortage of Melting scrap as reported by Induction operators in Gobindgarh & Ludhiana.
2. An official from Patnaik Steels (Odisha) reported, a bulk deal of prime quality billet have been concluded to Nepal through rakes.
3. Billet supply remains viable from central to north India. For instance, 100*100 mm billet offers in Raipur at INR 21,400/MT ex-plant, while in Durgapur it prevailing in the range of INR 21,700-21,800/MT. Moreover, freight charges via road are similar from both the places to north India (Punjab) at around INR 2,500/MT.
4. Since yesterday there has been improvement in semis & long steel demand as reported by Agents from South India.
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