The Indian billet export market regained some momentum this week after sentiments improved post-the Chinese holidays.
A state-owned Indian mill reportedly concluded another export tender for 30,000 tonnes (t) of steel blooms (150x150mm, 3SP/4SP grade), as per SteelMint reports. The shipment is scheduled within 45 days from the export agreement. According to market sources, the deal was concluded at around $630/t FOB (on 100% advance payment basis).
SteelMint’s bi-weekly price assessment for Indian billets (150mm, 3SP/4SP) exports stood at $620-625/t FOB east coast India on 21 Sept’21. Prices rose by $10/t against the price levels seen earlier this week.
Hike in SHFE rebar futures: According to data maintained with SteelMint, the Chinese rebar futures contract for Jan’22 delivery closed today at RMB 5,605/t ($868/t), with w-o-w increase of RMB 64/t ($10/t).
Domestic billet prices in China remain supported: Steel billet prices in China Tangshan rose on a weekly basis by around RMB 10/t ($1/t) to RMB 5,230/t ($810/t), inclusive of 13% VAT on 23 Sep’21 on a daily basis.
India, one of the leading exporters of steel billets, registered a 15% m-o-m rise in exports of the material in Aug’21. The volumes stood at 0.84 million tonnes (mn t) in Aug’21 as compared to 0.73 mn t in Jul’21, as per customs data collated by SteelMint.
Active tender: State-owned Vizag Steel floated an export tender for spot sale of 30,000 t of steel blooms (150x150mm, 3SP/4SP grade). The tender was floated against 100% advance payment terms within five banking days, with due date being 23 Sept’21. The shipment is scheduled within 45 days from the export agreement. The buyer, however, is required to quote for the entire quantity.
Leave a Reply