Indian billet export offers fall by USD 15-20/MT on weekly basis following the global market.
Current price for square billet of 3SP grade is assessed at USD 480-485/MT FOB where as 5SP prices are assessed at USD 500-505/MT FOB India.
Steel Authority of India (SAIL) had floated a tender for export of around 18,000 MT billets. 8,100 MT billets offered were of size 150*150 mm from its IISCO Steel plant and 10,800 MT billets offered were of size 125*125 mm from its Durgapur Steel Plant. The billets offered were of specification 4 SP.
According to market sources report to SteelMint, the company received bids around USD 475-480/MT, FoB India levels. If market sources are to be believed the company seems to have cancelled the export tender as they were expecting higher bids.
One of the private mill is heard offering square sized billet at around USD 500-505/MT FOB India main port.
Falling Chinese billet prices – Domestic billet prices in China have fallen on weak market sentiments. Domestic billet prices in northern China were recorded yesterday at RMB 3,530/MT (ex-works) against RMB 3,700/MT (ex-works) a week ago.
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