Indian Billet price continue its downturn movement owing to oversupply and low demand. Sources revealed that primary producers have increased their material supply in bulk quantities especially in Hyderabad & Mumbai regions. MS Billet offers remained lowest in Rourkela (-100) at INR 25,900/MT. While, prices in Mumbai & Chennai remained firm at INR 28,600/MT; up slightly by INR 100/MT and INR 28,000/MT respectively.
RINL & JSW keep Billet Offers Unaltered
RINL (Rashtriya Ispat Nigam Ltd) and JSW Steel have kept their MS Billet offers unchanged for May. 150×150 mm Billet is being offered at INR 27,000/MT (ex-Hyderabad) by RINL. While, JSW is offering 165×165 mm size Billet at INR 26,500/MT (ex-Hyderabad). Moreover, local furnaces are offering 100×100 mm size Billet in the range of INR 26,600-26,700/MT ex-Hyderabad (advance payment).
RINL’s 110,000 MT Billet/Bloom Export Tender with deadline on 28 Apr’15
RINL’s 110,000 MT export tender of Billet/Bloom, which will expire on 28 Apr’15, will give some direction to the domestic market. Company’s last export tender had fetched bids at USD 405/MT for Billet and USD 370/MT for Bloom on FoB Vizag (East Coast India). Cargo was sold to a Bangladesh based rolling mill.
Bangladesh increases Billet Import on fear of Duty Hike
Bangladesh based rolling mills are quite aggressive in importing Billet on speculation that the government may increase import duty on Billet in upcoming budget (Jun’15). In addition, market participants are hopeful that RINL’s Billet tender will receive decent response.
Domestic Billet Prices as on 23 Apr’15
| Particular/Delivery | Prices | W-o-W | M-o-M |
| Ex-Mandi Gobindgarh | 30,300 | – 450 | – 300 |
| Ex-Durgapur | 26,800 | – 700 | – 1,000 |
| Ex-Jharsugda | 25,800 | – 400 | – 600 |
| Ex-Kolkata | 27,100 | – 700 | – 1,000 |
| Ex-Rourkela | 25,900 | – 400 | – 600 |
| Ex-Bhilai | 26,300 | – 400 | – 400 |
| Ex-Raigarh* | 26,200 | – 200 | – 400 |
| Ex-Raipur* | 26,400 | – 450 | – 500 |
| Ex-Ahmedabad | 27,900 | – 500 | – 300 |
| Ex-Goa | 27,700 | – 300 | + 250 |
| Ex-Jaipur | 29,300 | – 500 | – 100 |
| Ex-Jalna | 28,300 | – 300 | + 300 |
| Kandla/Ahmedabad* | 27,900 | – 500 | – 400 |
| Ex-Mumbai* | 28,600 | – 100 | + 200 |
| Ex-Chennai | 28,000 | – 150 | – 250 |
| Ex-Hyderabad | 27,000 | – 500 | – 500 |
Prices in INR/MT
Source: SteelMint Research
Global MS Billet Prices as on 23 Apr’15
| Particular/Delivery | Prices | W-o-W | M-o-M |
| FoB Black Sea | 370 | + 10 | + 13 |
| CNF Turkey | 390 | + 10 | + 15 |
| FoB India | 405 | +10 | NA |
| CIF India (China Export) | 375-380 | 0 | 0 |
Prices in USD/MT
Source: SteelMint Research
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