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Market: Billet prices down by a hefty $12/MT

Fiinews by Fiinews
February 13, 2024
in Markets
Reading Time: 1 min read
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Excess supply, weak demand, liquidity crunch and high borrowing cost hurt steel industry

Billet prices in India dropped by US$12/MT for the week-ended 10 Feb, taking it to a three year low, according to a Wirana Shipping Corp report.

Global news of India’s growth story is so contradictory to the present local steel market and perhaps some improvement could be expected with a new budget announcement after elections in April/May 2024, said the report.

With an overall situation in the local market of excess supply, weak demand, liquidity crunch and a high borrowing cost, it would be challenging to expect any immediate improvements in demand conditions as well as pricing, said the report.

The finished product market is weak, added the report. Fiinews.com

Tags: Wirana Shipping Corp
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Fiinews.com features through news articles on business opportunities in the Indian market for the benefits of foreigners. It is also a platform for international businesses to showcase through elaborate articles on their products & services to the Indian consumers and corporations exploiting industrialisation of the country.

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