Indian billet prices remained supported on the back of rising Chinese domestic billet prices. In the past two weeks, a couple of Indian state-owned mills sold over 90,000 t billets. According to SteelMint sources, the cargoes are likely to be shipped for SE Asia, Sri Lanka, and China.
Amid rising Chinese domestic billet prices, Indian mills are highly active in the export market. For instance, Vizag steel has floated billet (65*65mm, 90*90mm) and bloom (150*150mm, 200*200mm) tenders for 100,000 t. The delivery is likely to be scheduled for mid-May ’21.
During conversations with a state-owned mill, we learned that the export price indications are currently at $560-570/t, FoB. However, no deals were witnessed at these price levels. The last confirmed billet export trades from Indian BF grade billets were concluded at $550-555/t FoB towards the end of the last week.
While on the other hand, we haven’t heard any firm offers from India private primary mills.
Indian tenders’ update
NA: Not Applicable
Chinese buyers raise bids for Indian billets owing to increasing domestic billet prices:
The Chinese bids for Indian billets increased by $5-10/t, w-o-w to reach $615-620/t, CFR levels, amid climbing domestic billet prices.
The domestic billet prices in China are currently hovering at a twelve-and-a-half-year high level due to imposed production restrictions on environmental concerns. The prices of commonly traded Q235 billet 150mm diameter in Tangshan reached RMB 4,820/t ($733/t) levels, including 13 % VAT.
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