The Indian billet export market regained momentum this week with over 50,000 t billets/blooms reported having booked. According to SteelMint sources, a leading PSU steel-maker managed to achieve a price level of $420-422/t FoB India for blast furnace grade blooms (150x150mm and 200x200mm, 3SP/4SP grade) while billets (65x65mm, IS 3820 grade) fetched around $435-440/t FoB India.
The shipments are likely to be scheduled for the end of Nov’20, for delivery. However, SteelMint could not confirm the destination till the time of publishing this report.
In its previously floated spot sale export tender, the company had achieved bids of $415-420/t FoB India.
Until last week, the company was witnessing high bid-offer disparity due to limited participation and hence had to re-issue the tender multiple times during the first half of Oct’20.
However, since last week, rising global scrap prices have relaxed the fluctuating dynamics of the Indian billet export market and also reduced the bid-offer spread. The imported scrap prices in Turkey have risen by $5/t w-o-w amid tight availability. SteelMint’s assessment for USA origin HMS 1&2 (80:20) stands at $293/t CFR Turkey.
On the other hand, the private primary mills focused mainly on the domestic market, although secondary private mills continued booking containers for SE Asian and African destinations.
SteelMint assessed Indian billet (BF grade 150x150mm FoB East Coast) export offers at $418-421/t – up by $2-3/t compared to last week.
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