Indian billet export price increases to a six-month high in a recent deal

The Indian billet export prices hiked in a recent export booking. A state-owned mill of India has concluded the 30,000 t (150*150mm, 3SP/4SP) bloom export tender floated for spot sale on 20 Aug'20, against 100% advance payment terms. According to SteelMint sources, the company managed to achieve a price level of around $415/t, FoB for end-Sep shipment with SE Asian nation to be the likely destination.

Post this deal, the SteelMint assessment for Indian billet export offers (150*150mm) has moved up sharply and is currently at $420/t, FoB India. The prices have increased to over six-month high levels as these levels were seen in Feb'20.

Private primary mills held their export offerings for this week as well- It was the third consecutive week when no firm export offers witnessed from the Indian primary private mills amid limited export allocation. These mills, along with some state-owned mills, have seen focusing on the domestic market, which witnessed a sharp fall during the week after the raw material prices obtained stability. The rising raw material prices were also contributing to the hiking of domestic billet prices.

On the other hand, a few private secondary mills were seen active in the global market with SE Asian countries to be the likely destination.

Today, the SteelMint assessment for IF grade billets (Exw Raipur) was at INR 29,100/t ($392/t), up by INR 2600($35) from last week's prices.

Chinese bids remain for Indian billets remain unchanged on fluctuating rebar futures- The Chinese rebar futures have seen swinging for the past couple of weeks, and for this reason, the Chinese bids remained identical, during the period. The Chinese rebar futures saw a drop of RMB 8 against yesterday and settled at RMB 3,773/t, down by RMB 75 ($11), against last week. The Chinese buyers have heard bidding at a level of $425-430/t, CFR, stable against last week.