India’s largest and private steel manufacturer, JSW Steel has made an allocation of 10,000 MT of billets (130mm,5SP) for exports, last Friday, for December shipment,according to market participants.
Company has managed to get some buying interest at a price level of USD 450-455/MT FOB India, but JSW’s expectation ascertained at USD 460-465/MT FOB, said a trader.
Last deal from India was concluded by Vizag steel (RINL) for 30,000 MT billets of size 150*150mm, 4SP at a price level of USD 450-452/MT FOB.Where as SAIL’s tender was cancelled owing to poor response.
Indian billet exports have picked up in last few months on absence of Chinese billets. Indian billet exports during Jan-Oct are recorded at around 1.9 MnT and expected to cross 2 MnT in 2017.
Billet prices in global market remain range bound and are hovering at USD 450-460/MT FOB levels. However people are expecting some uptick in prices looking at rising scrap prices.
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