Indian billet export prices rise in line with Chinese offers. Prices have gone up by USD 22/MT in last one month.
According to sources, SAIL has sold 15, 000 MT billet (150*150mm) off the tender. The deal was heard to have settled at around USD 404-405/MT Haldia Port (Indian East Coast).
It is noted that last export tender for 25,000 MT Bloom (150 X 150 mm) by Vizag steel which expired on 10 Nov’16 was sold at around 382/MT, FoB East Coast USD to Tata international.
Prices are increasing on account of rising offers from Chinese billet suppliers. Also, market participants fear that with rising prices in China will lead to defaults from suppliers.
Notably, Chinese export offers have increased by USD 50/MT, FoB in last one month.
Recent cargo sold by SAIL may go to South East Asian market, which is big buyer of Chinese billet.
In addition, few West India based steel makers namely Monosteel, Versana Ispat & Electro Steel are also in talks with parties to conclude deal at around USD 400-410/MT, FoB India according to sources.
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