Billet prices in seaborne market continue to show strength this week amid strong scrap prices and limited availability of cargoes.
Export offers have increased by USD 5-10/MT this week. CIS region suppliers have raised their offers to USD 480-485/MT FOB Black Sea. A Russian mill heard to have offered 10,000 MT 100 sq metres billet to Manila at around USD 505/MT CFR Philippines.
Indian exporters hold their offers as domestic prices exceed export prices. Although their are no firm offers but sellers would not be willing to sell below USD 475-480/MT FOB levels.
A recent deal by Indian state owned mill for 90mm and 4SP grade billet has been concluded at USD 465/MT FOB India. These levels are lower than market prices as this grade and size is not very popular in global market.
Iranian suppliers are eyeing a price level of USD 470-475/MT FOB Iran for 5sp/3sp grade billet. There are two tenders floated by KSC and ESCO for 30,000 MT and 20,000 MT respectively, which are yet to be concluded.
Trade wise
1. Chinese domestic billet prices reach RMB 3,970/MT (ex-Tangshan, including 17% VAT)
2. Indian state owned mill, Vizag steel, sold 15,000 MT billets of size 90mm and 4SP grade at USD 465/MT FOB India
3. Indian induction grade billet being offered at Rs 30,000-30,500/t (USD 466-473/MT)
3. Russian Zapsib heard to have offered 100 sq metre billet to SE Asia at USD 505/MT CFR Philippines
4. Iran’s ESCO and KSC floated export tender of 20,000 MT and 30,000 MT respectively, which are yet to be concluded
5. CIS mills have raised their offers to Egypt above USD 500/MT CFR levels
6. Japan billet exports increase in October by 15%
7. Scrap prices increase further, US origin HMS 80:20 at USD 343/MT CFR Turkey
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