Billet offers across the world noticed a downfall this week owing to resistance shown by buyers. Prices have corrected by almost USD 10-15/MT this week.
Chinese suppliers have cut their offers to USD 375-385/MT, FoB China as domestic prices corrected by almost RMB 200/MT (USD 30/MT) this week.
Situation remains quite similar in CIS region, where buyers remain highly hesitant over making fresh purchase at higher rates. Prices have corrected to USD 400-410/MT, FoB levels, whereas, offers are heard at USD 410-420/MT, FoB Black Sea.
Indian tender of 30,000 MT billet (150*150) for selected countries received highest bid at USD 378/MT, FoB India East Coast. If tender is concluded, cargo may be shipped to Middle East. Last tender of Vizag Steel for 30,000 MT (150*150 mm) was concluded at USD 363/MT, FoB Vizag, for which cargo will be shipped to Bangladesh.
Current global and domestic billet prices
| Particular | Delivery | Grade (mm) | Currency | Price | W-o-W | M-o-M | Remarks |
| China Export | FOB China | 150*150 | USD | 375-385 | -10 | +63 | Export offers fall on declining domestic prices. |
| India Export | FOB Vizag | 150*150 | USD | 375-380 | +2.5 | +50 | Vizag Steel’s last tender received highest bid at USD 378/MT, however, company is yet to finalize the tender. |
| CIS Export | FOB Black Sea | 125*125 | USD | 400-410 | 0 | +75 | Billet offers fall from CIS region owing to weak demand. |
| South East Asia Import | CFR SE Asia | 150*150 | USD | 390-400 | – | +50 | Offers corrected as buyers show resistance. |
| Bangladesh Import | CFR Chittagong | 150*150 | USD | 390-400 | +5 | +65 | Buyers prefer to wait as new import duty on billet is likley to be implemented in June. |
| Middle East Import | CFR Dubai | 150*150 | USD | 400-410 | -5 | +70 | Prices declined marginally as local supplies increase. |
| Turkey Import | CFR Turkey | 125*125 | USD | 415-420 | +2.5 | +80 | Prices fall on rising inventories with steel mills and coming festive season. |
| India Domestic | Ex-Mumbai | 100*100 | INR | 23,700 | -700 | -1,000 | Subdued demand led to price corrections. |
| China Domestic | Ex-Tanshang | 150*150 | RMB | 2,290 | -200 | +210 | Prices move down on weak demand. |
Prices in Currency/MT
Source: SteelMint Research
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