The price of secondary steel billet in the Indian local market rose by 1,000 rupees ($14) per tonne in the week to Friday May 14 on rising raw material prices and an increase in export opportunities for secondary billet made through the induction furnace (IF) route.
"Prices of raw materials such as direct-reduction iron [DRI] have increased because most kilns have reduced production, while opportunities for exports of IF billet are also increasing, which is keeping billet prices high," an official from...