The Indian billet export market remained silent for the second consecutive week. The bids in under-negotiation 60,000 t (30,000 t each) export tenders have witnessed a sharp drop amid ongoing Chinese holidays (1-8 Oct’20). According to SteelMint sources, the tenders have heard to have received the bids at $410/t and $415/t, FoB India
India’s billet export offers remained unchanged at $430/t, FoB for the entire Sep’20 until the low-bids hit the tender.
SteelMint assessment for Indian billet export offers (150*150mm) has dropped to $415-420/t, Fob down by $10-15/t w-o-w.
Private primary mills from India continue to stay out of the global market with a focus on the domestic market. On the other hand, secondary mills noted active in the Ocean market. According to SteelMint sources, a western Indian based mill has heard having booked a sizeable quantity. However, we could not confirm the deal value and destination until the publishing time of this report.
Yesterday, the SteelMint Index for IF grade billets (Exw Raipur) was at INR 29,900/t ($407/t), up by INR 1000 (~$14) from last week’s prices.
India’s billet/bloom export shipments remain largely stable in Sept’20 – India’s billet/bloom export shipments during Sep’20 stood at ~0.68 mn t, broadly stable against Aug’20 (~0.60 mn t). China, Taiwan, Sri Lanka, and Indonesia stood as the major importers of the Indian billet. Indian mills, especially private primary players, had curbed the allocations for the ocean exports on improving realizations in the domestic market.
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