Market participants shared that few major Indian steel mills have concluded billet export deals recently. An Indian private steel mill is heard to have sold around 10,000 MT billets (5 SP grade) around USD 475/MT, FoB India.
Another billet export deal for around 15,000 MT was heard to have concluded at by government owned steel mill at around USD 470/MT, FoB India east coast for same material grade.
The cargo is likely to be shipped to South East Asian countries at around USD 500/MT, CFR.
Indian billets have gained popularity amid less supplies from China. India has exported nearly 1.85 MnT billets during Jan-Sept’17, according to data maintained with SteelMint and is likely to cross 2 MnT in 2017. Last year Indian billet exports were recorded at 1.75 MnT.
Trade-wise:
1. India’s Vizag Steel has issued export tender for 30,000 MT bloom (150*150 mm). The due date for the tender is 08 Nov’17.
2. A Philippine based importer bought nearly 20,000 MT billets (125*125, 5 SP) at USD 498/MT, CFR
3. CIS billet export offers are heard around USD 480-485/MT, FoB Black Sea
4. Domestic billet prices in China have weakened after witnessing hike towards beginning of the week. The latest offers are heard around RMB 3,640/MT (ex-works, including VAT) in northern China.
5. Hantai, Taiwan was heard to have booked 6,000 MT Vanadium added billet (150*150mm) from Japan at USD 510/MT, CFR.
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