Indian billet export tender of 40,000 MT is concluded at higher price as compared to last tender.
Indian state-owned steelmaker, Vizag Steel has concluded its export tender for 40,000 MT of billet (150*150 mm) at a price of around USD 323-324/MT, FoB Indian East Coast. Deal was concluded at price higher by USD 8-10/MT from last tender concluded by SAIL (Steel Authority of India Limited) in early August.
This is because of limited supplies from Chinese steel mills due to ongoing investigation, which has also pushed up export prices from China. According to participants Chinese billet export offers are hovering at USD 335-345/MT FOB China for same size billet.
The highest bid the mill received by Vizag Steel was slightly above USD 323/MT, followed by USD 322/MT and USD 317/MT, FoB Indian East Coast. Participants mention that cargo may be shipped to Thailand.
Global billet prices (in USD/MT) in week 34 (15-21 Aug’16)
| Particular | Grade | Delivery | Prices | 1W |
| India Export | 150 X150 mm | FoB India | 320-325 | 315-320 |
| Ukraine Export | 125X125 mm, 3sp | FoB Ukraine | 315-320 | 320-325 |
| Turkey Import | 125X125 mm | CNF Turkey | 330-335 | 335-340 |
| China Export | 150X150 mm,Q235 | FoB China | 335-345 | 325-330 |
| Bangladesh Import | 150X150 mm | CNF Bangladesh | 330-335 | 330-335 |
Source: SteelMint Research
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