Global billet prices have observed a correction since Chinese markets are closed for golden week holidays (1 -8th Oct). Not many trades have been reported as people wait for China to re-open for a definitive direction. Before Chinese market went on for a week long holiday steel prices observed some correction making buyers resistant.
1. SE Asia: Billet offers to SE Asian countries have dropped to USD 530-535/MT CFR which was assessed at USD 540-545/MT CFR in third week of September. Export offers from Vietnam mills were heard at around USD 515-520/MT FOB
2. India: Two billet tenders floated by government owned mills were cancelled owing to lower bids. One received bids at USD 475-480/MT FOB levels and another at USD 470/MT FOB India. Indian suppliers are waiting for Chinese markets to open for some direction.
A private mill was heard to have offered square billet at around USD 490-500/MT FOB India, but deal has not been concluded yet.
Another induction grade billet manufacturer heard to have sold small parcels to Africa at around USD 480/MT FOB India west coast.
3. CIS Region: Billet offers from Russian and Ukrainian mills have dropped to around USD 490-500/MT FOB Black sea. but sellers are reluctant to sell below these levels as most of the billets are made through EAF.
4. Egypt based importers reported offers from CIS region at around USD 510/MT CFR, but no deals were reported.
5. Chinese domestic billet prices were recorded at RMB 3,540/MT (USD 533) ex- Tangshan, incld VAT of17%l where as export offers were assessed at USD 515-520/MT FOB
6. Indian domestic billet prices are at INR 26,200/MT (USD 403) ex-Mumbai, excluding GST of 18%.
Source Steel Mint powered by Keyvan Jafari Tehrani (JTC)
