Indian billet exports offers remain unchanged W-o-W, at the same time trade activities were limited.
Big mills like JSW Steel, RINL have sold significant quantity in the month of Feb and early march for which deliveries are to be made in March.
Last offers for 150*150mm were assessed at USD 410-415/MT FOB, India and small sized billet (100mm) at USD 415-420/MT FoB India Main Port.
Trade activities slows down
Trade activities have slowed down in last 10 days as buyers have taken position and are waiting for markets to take direction.
Last trade deals from India to South East were heard at around USD 440-445/MT, CFR South East Asia.
Chinese exporters remain out of the market
Chinese billet suppliers are inactive in seaborne market owing to higher prices. Notably, Chinese domestic prices have increased sharply in last few months owing to production cut.
“Chinese billet offers are irrelevant at the moment as there are very limited suppliers. Offers should not be less than USD 450/MT FOB China main port against domestic prices of USD 470-480/MT ex-mill, including VAT of 17%.” said a trader based in Singapore.
Global billet prices on Week 12
| Particular | Size, Grade | Prices |
| FoB China | 150*150 mm, IS 2830 | 440-450 |
| FoB India | 95*95 mm | 410-420 |
| FoB Black Sea | 125*125mm | 400-410 |
| CFR South East Asia | 125*125mm | 440-445 |
| CFR Middle East | 150*150 mm | 415-420 |
| CFR Bangladesh | 150 * 150 mm | 425-430 |
| Ex-Tangshan,China (Incld 17% VAT) | 150*150mm,Q235 | 484 |
| Ex-Mumbai, India | 100*100 mm, IS 2831 | 435 |
Prices in USD/MT, Source: SteelMint
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