Indian billet export prices remained under pressure on the heels of the volatile Shanghai Futures Exchange (SHFE) rebar market. Recently, an Indian state-owned mill reportedly sold around 18,900 tonnes (t) of steel blooms (200*280mm) through an export tender. According to SteelMint sources, the tender was concluded at around $610/t, FoB basis, for Aug ’21 shipments, with the likely destination being a South East Asian nation .
On the other hand, another state-owned mill received a dull response to the recently-hosted spot bloom export tender. The tender floated was for 30,000 t of blooms (150*150mm, 3SP/4SP) for the end-Aug’21 shipments. According to SteelMint sources, the mill was targeting a price level of around $600/t, FoB India. The mill is re-tendering the order.
Prior to this, a tender floated for 30,000 t of billets (150*150mm) was heard to have received a bid of around $590/t FoB. However, the tender was heard to have been cancelled.
During conversations with SteelMint, an international trader said:-“Indian billet prices are under pressure due to the lowering of China futures and prices by SE Asia mills.”
Owing to the downtrending rebar futures market, Chinese bids fell to $650/t CFR levels. According to the data maintained with SteelMint, the SHFE rebar futures Oct’21 contracts, on 23 June ’21, settled with a day-on-day (d-o-d) rise of RMB 80/t ($12/t) at 4,934/t ($761/t).
SteelMint’s bi-weekly assessment for Indian billets (150*150mm, BF route, FoB east coast) was at $605-610/t, FoB, on 22 Jun’21.
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