Indian billet export market remains quiet as no fresh bulk deals were reported.
However, there are no firm offers from Indian suppliers, but expected price for 150*150mm, Q235 grade billet is around USD 400-410/MT FOB India.
Small parcels of 90*90 mm induction grade billet is being sold to Nepal market at around USD 425-430/MT (ex-mill, India). Although, demand from Nepal based re-rollers have reduced on anticipation of price fall.
Higher prices in domestic market is considered one of the prime reasons and the reason cited is a strong Indian rupee which discourages exports.
Traders report that there are no fresh offers from any large private steel mills like JSW and JSPL. Public steel mills, which generally sell through tenders, have not come up with any deals in last few weeks.
Last tender which concluded in the third week of March was of 10,000 mt and at around INR 387/MT FOB Vizag by Vizag Steel.
“Seaborne billet market remains quite this week amid uncertainty. Buyers are unwilling to take position. There are rumors in the market that Chinese billet suppliers are gradually getting active. Offers are heard to be in the range of USD 400-410/MT FOB China. Supply will increase in coming months which may lead to fall in prices.” Said a trader based in Singapore.
Market participants report, CIS based suppliers hold offers at around USD 395-400/MT FOB Black Sea, citing limited supply and volatility in scrap prices.
However, buyers remain cautious and expect prices to be in range of USD 380-385/MT FOB Black Sea.
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