Weak demand and excess supply have driven Indian domestic secondary billet prices down by at least 1,300 rupees ($18) per tonne over the week ending Friday February 22, Fastmarkets has learnt.
Indian domestic secondary billet prices ended the week at 33,000-33,200 rupees ($464-467) per tonne ex-mill. This was down from 34,300-34,500 rupees per tonne ex-mill, assessed by Fastmarkets last week.An official from a billet mill in central India attributed the sharp fall in secondary billet prices to weak demand coupled...