Indian billet export prices have corrected marginally from the end of last week, owing to the increased availability of the material from Indian manufacturers.
This is a result of lack of trading activities from India in last two weeks (1-14th Oct). Firstly, China was closed from 1-8th Oct and in the second week; global prices were volatile, which kept trading activities low.
– Indian billet export prices have corrected by USD 5-10/MT as compared to last week, although the sharp decline is unexpected as Chinese steel exports continue to fall.
– BF grade billet offers are assessed at around USD 490-495/MT FOB India, which was USD 495-500/MT FOB last week for 150*150 mm for 5SP grade.
– Induction grade billet heard to have sold at around USD 465-470/MT FOB west coast India for SE Asia. At these levels, realizations are still higher by INR 2500/MT (USD 38) for coast based induction furnaces as compared to the domestic market.
– Vizag steel’s 45,000 MT tender is expiring on 17th Oct 2017. This tender was announced on 13th Oct 2017.
– SAIL is offering around 10,000-15,000 MT billet from its West Bengal plant. According to market participants, the company has price expectations of below USD 495/MT FOB.
– JSW Steel (India’s largest private mill) heard to have kept their offers unchanged at around USD 500/MT FOB India. Although increased offer volumes from government owned mills may not support this price levels.
– India exported about 1.8 – 1.9 million tonnes of billet during Jan-Sep 2017. Nepal holds about 45% these exports.
Source Steel Mint powered by Keyvan Jafari Tehrani (JTC)