India Steel Market Watch
October 12: Ingot offers showed easing trends on low buying support from end-users as inventories grew with the industry looking at domestic offers, industry sources said.
Offers were down by Rs 200-400 per ton in most of the locations.
The billets market also fell in quite a few places.
Billet prices were down by Rs 400 per ton in the markets of Mandi Govindgarh, Raipur, Rourkela, Goa, Durgapur, Hyderabad and Ghaziabad.
RINL offered billets (125x125 mm) at Rs 35,500 per ton (ED included) in September 2015 as against the same price in the previous year.
Domestic MS billet makers are worried about the direction the market might follow, as local demand from end-users has slowed down against last month.
Slowdown in demand from semi-finished and finished steel markets has worried Indian MS billet manufacturers.
Decline in billet prices has been noticed in central and western India amidst poor rebar sales and improved availability of billets.