Chinese billet export offers to Bangladesh fall by USD 5-10/MT W-o-W; previously offered at USD 300-305/MT CFR Chittagong.
A Bangladesh based re-roller confirmed to have offers for Chinese billets at USD 290-295/MT CFR Chittagong, which was last traded in the range of USD 300-305/MT.Current offers for commercial grade billet of size 150*150 mm are assessed at USD 275/MT FOB China.
Prices have been cut on the back of weak demand and increased supply in the market. Market participants also mentioned that manufacturers want to secure orders before the one week long holiday starting from 1st Oct in China.
Chinese billet offers to other South East Asian countries are assessed at USD 280-285/MT CFR, which was at USD 285-290/MT last week.
Vizag export tender may receive weak response
Vizag Steel’s export tender of 90,000 MT billet/bloom, which is expiring on 24 Sept’15 is likely to receive weak response owing to lower offers from Chinese suppliers.
Vizag Steel is govt owned and largest exporter of billet/bloom from India. Last tender had fetched bids at around USD 325/MT FoB Vizag Port (India east coast) for 150*150 mm billet.
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