Steel billet price levels went up after a short-term correction due to the following reasons:
1. Lack of iron ore and sponge iron from leading producers has led to an increase in prices.
2. Rise in prices for pellets;
3. High prices for pig iron, observed in some countries during the month.
4. Scrap metal price levels improved by $ 5-10 per tonne to $ 400 per tonne CFR in India. Shredded scrap from the US and Europe is offered here at $ 410-415 per ton CFR.
5. The likelihood of an increase in electricity tariffs in the southern and eastern states.
At the same time, the demand for finished products is still languishing, thereby leaving low consumer sentiment in the steel billet market. Buyers shy away from deals in the hope that this price increase will be short-lived.
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