Indian billet export prices fell in a recently-concluded tender. Last weekend, an Indian state-owned mill reportedly sold 30,000 tonnes (t) of steel blooms (BF-route, 150*150mm) through export tenders. According to SteelMint sources, these tenders were concluded at $604-606/t FoB on advance payments. The cargo is scheduled for end-Jul ’21 shipments.
On the other hand, another state-owned mill was heard having received bids at $610/t FoB for its tender. The tender for 18,900 t of steel billets (125*125mm, 4SP/5SP grade) was due on 15 June ’21. The cargo shipment is likely for mid-Aug ’21.
“Indian mills are heard to be targeting $620/t FoB for BF-route billet exports,” a source said.
Chinese bids for Indian billets increased on the up-trend in steel futures on the Shanghai Futures Exchange (SHFE) seen last week, SteelMint learned during conversations with international traders. However, on 16 Jun’21, the rebar futures market settled with a day-on-day (d-o-d) drop of RMB 154/t ($24/t). According to data maintained with SteelMint, the SHFE rebar futures Oct’21 contracts closed at RMB 5,014/t ($784/t).
SteelMint’s export assessment for Indian billets (150*150mm, BF-route, FoB east coast) stood at $610/t on 15 Jun’21, unchanged against last week.
Meanwhile, the secondary mills are enjoying better price realisations in a dormant market like Africa. Around 5,000 t of IF-route billet deals were heard to have been concluded by Gujarat-based mills recently. However, prices could not be confirmed till the time of publishing this report.
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