Indian billet (induction route) exporters turn active on improved demand from South East Asian mills. SteelMint learned that one deal of around 10,000 MT billet from West India based mill has been reported at around USD 520-525/MT, CFR Indonesia.
— Depreciating Indian rupee against USD is also supporting exports. Indian Rupee has -depreciated by 0.5% in last 2-3 days.
— Fresh buying interest resumes from SE Asian based buyers on absence of Chinese steel. Chinese steel exports observed a fall of 37% Y-o-Y in Jan’18.
— Strong Chinese Yuan against USD has lifted Chinese export offers for flat and long steel.
Billet prices in CIS region also increased on improved buying from Turkey. Sources report, mills in Turkey prefer billets over scrap due to tight supply and high prices of graphite electrode. CIS prices have increased to USD 500-505/MT FOB Black Sea Levels.
— No billet export allocation from Indian major mills like SAIL, RINL and JSW on strong domestic demand.
— Indian domestic billet (IF grade) billet prices assessed at INR 34,000/MT (USD 527), Ex-Mumbai.
— Indian bulk billet exports reported at 61,220 MT in the month of Jan’18 against 60,070 MT in Dec’17.
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