Rising raw material prices, mainly due to a direct drop in the so-called iron ore (DRI), led to a second increase in the Indian billet prices to around Rs 800 ($ 11) per ton for the second time in the week ending Friday 30 July. . The cross-border market in Central Asia appears to be affected by this price increase. In the following, we will report on the Metal Bulletin in this regard. Please be with Artan Press.
*** Rising Indian billet prices lets under the pretext of rising raw material prices
According to Artan Press and quoting the fast market on Friday, the price of domestic steel billet in India was between 43,000-43,200 rupees ($ 578-582) per trading table. These figures are an increase of Rs. 800 per tonne from last week’s assessment, which was previously a weighted average of between Rs 42,200-42,400 per tonne. Estimates show that the increase in billet prices is mostly due to the increase in DRI prices. Increased purchases of [DRI] by billet manufacturers have increased the price of DRI per week to around Rs 1,000 [per ton].
According to an official of an executive company in central India, the production of DRI in recent weeks is likely to lead to further price growth. Because heavy rains have limited the supply of metals. Rising raw material prices are the most important factor in changing the direct price of iron in this country.
*** Take a look at Indian billet prices in foreign markets
The price of DRI in the billet sector of India, outside India, by Fast Market on July 30 shows an increase of Rs. 32,300-32,500 per ton, Rs. 1,000 per week. India billet growth is likely to continue in the coming weeks. Rebar prices rose by only Rs 400 per tonne for the second time this week because there were few requests from traders and most purchases were made by real users. It seems that speculators in the current market are reluctant to enter and buy. The price of domestic steel rebar, outside India, was estimated at Rs 45,100-45,300 per ton on Friday, up from Rs 44,700-44,900 per ton last week.
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