Indian billet export tender fetches bid higher by $7/t on rising Chinese futures

An Indian state-owned mill reported having sold 30,000 t billets through a tender. According to SteelMint sources, the tender concluded at $598-600/t, FoB levels. The expected schedule shipment is mid-Jun ’21, with China as the likely destination. Chinese mills heard to have raised bids for billet imports amid a hike in steel futures. SHFE rebar contract closed at RMB 5,208/t ($802/t) yesterday, up by RMB 20/t ($3/t) d-o-d.