India was reported to have booked over 150,000 t billets in the last week with a sharp increase in prices. The bookings were largely made for China. The rising Chinese steel futures have resulted in high price deals and volumes. The rebar futures were reported to have witnessed a rise by around RMB 103 since last week.
SteelMint assessment for billet (150*150mm) export assessment from India now stands at $395/t, FoB India, up by around $15, against last week.
The billet price hike was also supported by increased Turkey’s imported scrap prices. SteelMint’s assessment for USA origin HMS 1&2 (80:20) is at $258/t CFR Turkey, up by $4/t against the closing of last week, while assessment for European origin HMS 1&2 (80:20) stands at $252/t CFR.
The deals reported in last one week by private and state-owned mills are mentioned below-
Currently, the domestic billet prices in China were noted to be at RMB 3,400/t, ex-Tangshan, including 13% VAT. While billet import prices in China are hovering around $415/t, CFR. Below is the SteelMint analysis which shows the comparison of Chinese domestic billet prices vs imported billet prices.
Hence, higher domestic prices are driving billet imports in China.
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