Steel Authority of India – a government of India company had floated export tender for 16,200 MT billet. The tender was put up for Prime Mild Steel Non-Alloy Concast billets, size 150*150 mm offered from Bhilai Steel Plant and has following specifications – C-0.17 0.23%, Mn-0.50-0.90%, S-0.05% max, P-0.05% max and Si -0.15-0.35%. The cargo was likely to be shipped from Vizag port.
According to market sources report to SteelMint, the tender was cancelled due to comparatively better price realization in the domestic market than in exports. Although, the company received highest bid at around USD 425/MT, FoB. SteelMint tried contacting with company officials but no update was received.
Declining global scrap prices and ongoing Ramadan festive holidays have also disrupted the global billet trade sentiments last week. Imported scrap prices in Turkey have weakened by USD 10 last week in recent deals from US. HMS (80:20) prices in Turkey from US is assessed at USD 290/MT, CFR Turkey.
Billet export offers from CIS nations is assessed at USD 415-420/MT, FoB Black Sea ; down by USD 5/MT W-o-W. Comparatively, domestic billet prices of 100*100mm billet in India is around INR 33,000/MT (ex-Mumbai, GST extra) which is equivalent to USD 465-470/MT.
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