Indian Domestic Billet Offers Soar by INR 1,000/MT (USD 15)
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Indian domestic billet prices have increased sharply yesterday on improved buying and production cuts.
Current offers for induction grade billet of size 125*125 mm increased by INR 700-1,000/MT (USD 7-15) and last trades was reported at INR 25,300-25,500/MT (USD 393-395) ex-mill, Raipur. Eventually Raipur is the largest producer of induction grade billet in India.
Domestic billet prices had been falling since last few weeks on weak demand and lower exports. This resulted production cuts by several induction furnaces across India.
Market participants reported that prices have increased on fairly decent volumes and expect that it the scenario will hold for some time.
A trade participants in Central India quoted "With increasing prices, rolling mills also increased their purchases in line with quite good demand for finished products; notably, prices for rebar & structures increase by about INR 1,000/MT."
Domestic Billet offers as on 22 May'17
| Region | Particular/Delivery | Prices | D-o-D |
| North India | Ex-Mandi Gobindgarh | 28,500 | + 1,000 |
| East India | Ex-Durgapur | 24,200 | + 900 |
| Ex-Rourkela | 23,700 | + 500 | |
| Central India | Ex-Raipur | 25,400 | + 950 |
| West India | Ex-Ahmedabad | 26,900 | + 700 |
| Ex-Goa | 25,500 | 0 | |
| Ex-Mumbai | 27,000 | + 850 | |
| South India | Ex-Chennai | 25,800 | 0 |
| Ex-Hyderabad | 26,000 | + 1,000 |
Basic Prices in INR/MT
Source: SteelMint Research
