India: Billet index rises to 4-month high on higher metallics prices

Firm steel prices, steady offtake allow producers to pass on higher costs. Shrinking cost advantage of domestic scrap may lift import bookings

Indian billet prices have been on a sustained uptrend since mid-July, with the Raipur billet index rising by INR 1,350/t m-o-m to an average of INR 39,500/t in August from INR 38,200/t in July. After bottoming at INR 37,450/t on 11-13 July, prices climbed for seven straight weeks, rising