Indian billet export prices were higher this week amid fewer offers by private mills and increase in domestic prices.
SteelMint’s assessment of Indian billet (150*150mm) export price gained by $5/t to $405/t, FoB India.
Indian domestic billet prices are on a continuous rise- Domestic billet demand has revived considerably over the past several days. Yesterday, the SteelMint daily billet index (Exw Raipur) was assessed at INR 30,750/t ($412/t), up by INR 1250/t ($17) from last week’s level.
State-owned mill does export deal A state-owned Indian mill likely sold 60,000 t blooms for Sep’20 shipment to a European trader at $395-396/t, on FoB India basis through a tender. The European trader has already sold forward this cargo for China (30,000 t) and Indonesia (30,000 t) at $425-430/t, CFR, and $430-435/t, CFR respectively. The China deal was done higher by $5-10 from last week.
China’s rebar price hits 8-month high- China’s domestic price of HRB400 20mm diameter rebar increased for seven consecutive trading days and hit a new high for 2020 at RMB 3,865/t on 6 Aug’20. Steel demand had been picking up since east China rains ended in July though it has been mostly driven by speculative purchases by traders.
Hence, increased rebar demand has supported billet prices.
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