Chinese billet export market reported some resistance as domestic prices have corrected by around RMB 200/MT (USD 30/MT) in last two days. Export offers for Q235, 150*150 mm sized billet are assessed in the range of USD 380-390/MT, FoB Chinese port, which were hovering within USD 400-410/MT, FoB last week.
Most of the buyers prefer to stay out of the market owing to pending deliveries from Chinese suppliers.
Domestic prices fall USD 30/MT in last 2 days
Chinese domestic billet makers have reduced their prices by RMB 200/MT (USD 30/MT) to RMB 2,290/MT (USD 352/MT) in just last 2 days. Prices as on 29 Apr’16 were last assessed at RMB 2,490/MT (USD 383/MT). All prices are including 17% VAT.
Indian 10,000 MT billet export tender receives weak response
Recent tender of 10,000 MT billet (150*150 mm) by Steel Authority of India (SAIL) concluded on 3 May’16, is heard to receive weak response.
Market participants mention that due to abnormal quantity (not sufficient to load one vessel) and possible duty hike on billet in Bangladesh are the reasons for weak response.
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