Indian billet export prices witnessed a further drop in a recently hosted tender by a state-owned mill. According to SteelMint sources, the mill received bids at $520-525/t, FoB India levels, down by around $15 against last week’s tender.
Last week, the mill reported having booked 30,000 t billets (150*150mm, 3SP/4SP) through a spot sale tender at $530-535/t, FoB for Mar’21 shipment, credible sources reported to SteelMint.
On the other hand, the private primary mills broadly remained silent, while secondary mills’ offerings saw a sharp w-o-w drop. According to our reliable sources, the IF route billets offered are below $500/t, FoB levels from Kandla (the Western Indian coast). And the offerings for Nepal have dropped below $495/t, CPT levels.
Dipping global scrap prices, supported by upcoming Chinese New-Year holidays are holding buyers from making any purchase, as they are anticipating prices to drop further. Turkey’s imported scrap prices fell by $10 towards the closing of last week.
Upcoming Indian billet export tenders
SteelMint’s billet (IF grade) index exw, Raipur dropped by INR 2,350/t ($32.2) w-o-w and is currently at INR 33,250/t ($488/t). The decline in long steel prices and limited trades kept prices under pressure.
SteelMint’s bi-weekly assessment for Indian billets (150*150mm, BF route, FoB East coast) is currently at $520-525/t, down by $10-12 against last week.
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