Indian billet export prices have remained supported on the back of the increase in Chinese futures. SHFE rebar futures today closed at RMB 3,782/t, up RMB 36, when compared with RMB 3,746/t on 15 Jul’20. Limited export deals were noted from India, however, few export tenders are ongoing and results are awaited.
An Indian private mill booked 30,000 t billets for China- A private mill from India was reported to have booked 30,000 t billets for China at $419/t, CFR for Sept’20 shipments in last week.
SteelMint assessment for Indian billet (150*150mm) export is at $395/t, FoB India, identical as last week.
China’s bids for Indian billet witnesses a rise- Chinese buyers have increased their bids to $420/t, CFR on increased steel futures. Till the start of this week, the bids were reported at $412-415/t, CFR levels, SteelMint learned from trade sources.
Indian domestic steel market has started reviving, and mills are likely to shift their interest towards the domestic market and hence, it is expected that billet export allocations of Indian mills for Sept’20 could get limited, SteelMint learned during a conversation with the market participant.
Billet export tender update-
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