Indian billet export prices hit an eight-year high level in a recent tender

In a recently concluded billet export tender, an Indian mill achieved a price level of $591-593/t, FoB India. With this deal, the Indian billet export prices have hit an eight-year high level, according to data maintained with SteelMint. The tender floated was for 60,000 t blooms (150*150mm, 3SP/4SP grade) for May ’21 shipments. Global billet prices have been rallying on the back of production cuts in China, resulting in a sharp price hike in Chinese domestic prices.