India was remarked active in the global billet market, almost after a couple of weeks. The country was reported to book approximately 70,000 t billets to China and the Middle East through tender. The details of the deals are as below-
* A government-owned mill had floated an export tender for 30,000 t billets (150*150mm, 3sp/4sp), the deal was reportedly concluded at $380-385/t FoB for mid-Jul ’20 shipment. The tender was due early this week and the cargo is most likely to be shipped to Middle-East.
* A private Indian steel mill had invited the bids for the export of 30,000-40,000 t billets. According to sources, the tender got concluded at $400-405/t, CFR China.
Since from the past couple of weeks, steel futures in China were fluctuating, the buyers were bidding low for the Indian billets and were primarily in a wait and watch mode, hence there was kind of trade silence in the Indian billet export market. As per reports, today, construction steel rebar futures on the Shanghai Futures Exchange rose 0.8% today.
SteelMint’s assessment for Indian billet (150*150mm) export stands at $380-385/t, FoB India.
Leave a Reply