With rising steel prices in domestic market, Indian Billet manufacturers have raised their offers for exports. According to sources, export offers have moved up by USD 20/MT in last one month, whereas domestic prices have increased upto INR 1,500/MT (USD 25/MT) in the same period.
Indian Billet prices have risen primarily due to possible mining ban on some of the Iron ore mines running on deemed renewal.
Indian exporters mentioned that there is hardly any buying interest at these prices. Buyers are seeking cargo at USD 530-540/MT FOB West Coast. They also stated that since global prices are competitive, buyers prefer to buy from Ukraine/ Russia, where prices are at USD 500/MT FOB levels.
India has exported around 31,000 MT of Billet in the month of April to Bangladesh, Saudi Arabia, Nepal & Sri Lanka.
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