Indian billet export tender has fetched bids above USD 330/MT FoB, according to sources.
Vizag Steel’s export tender of 20,000 MT billet (150*150 mm) for October shipment that expired on 19 Sep’16, has fetched bids in the range of USD 330-335/MT, FOB Indian East Coast.
According to sources, there were about 5-6 participants and highest bid was seen at around USD 334-335/MT, FoB Vizag Port.
This tender fetched a mixed response from the participants. Some believe that falling Chinese billet export prices will remain a matter of concern; however, some are optimistic on delivery issues from Chinese suppliers.
Last tender concluded by Vizag Steel for 40,000MT was settled at USD 324/MT, FoB India. Last deal from JSW was heard to conclude at USD 335/MT, FoB Chennai in the first week of September.
Global Billet Prices during Week 39
| Particular | Delivery | Grade (mm) | Currency | Price | W-o-W | M-o-M | Remarks |
| China Export | FOB China | 150*150 | USD | 330-335 | 350-355 | 345 | Chinese billet export prices fall due to falling domestic prices. Some deals were heard to settle at USD 325-330/MT, FoB China. |
| India Export | FOB Vizag | 150*150 | USD | 330-335 | 330-335 | 320 | Recent tender by Vizag Steel fetched bids in the range of USD 330-335/MT, FoB. |
| CIS Export | FOB Black Sea | 125*125 | USD | 315-320 | 320-325 | 322.5 | Prices stable on rising coking coal prices. |
| South East Asia Import | CFR SE Asia | 150*150 | USD | 340-350 | 355-360 | – | Limited buying interest from South East Asian buyers. |
| Bangladesh Import | CFR Chittagong | 150*150 | USD | 340-345 | 340-345 | 332.5 | Prices remain range bound in the range of USD 345-347/MT, CFR Chittagong. |
| Middle East Import | CFR Dubai | 150*150 | USD | 340-350 | 344-355 | 345 | Prices stable on low trade activities. |
| Turkey Import | CFR Turkey | 125*125 | USD | 330-335 | 340-345 | 337.5 | Turkish steel mills prefer scrap over billet |
| India Domestic | Ex-Mumbai | 100*100 | INR | 23,050 | 23,200 | 21,500 | Limited buying led to price correction. |
| China Domestic | Ex-Tanshang | 150*150 | RMB | 2,160 | 2,150 | 2,280 |
Prices in Currency/MT
Source: SteelMint Research
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