Indian billet export prices witnessed a sharp fall in a recently-concluded tender for 30,000 t blooms (3SP/4SP). According to sources, the concerned steel mill achieved a price level of $655-660/t, FoB India. The price decline was owing to falling rebar futures on the Shanghai Futures Exchange (SHFE), which dropped by around RMB 300 ($47) to RMB 5,309/t ($825/t), as recorded by SteelMint.
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