Indian billet export prices fall marginally in recent deals
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Indian billet export prices have inched down marginally in recent deals. Since last week, Indian mills are reported to book approximately 80,000 t billets. According to trade sources, the majority of deals are heard to have been booked for China.
Recent deals for Indian 150*150mm billets are reported at $375-380/t FoB India against last week's deals of $380-385/t FoB India.
However, post these deals, few private mills have said that from now onwards, they are likely to shift their business interest from China to other countries. While on the contrary, sources from other Indian mills mentioned, "we don't directly deal with Chinese mills, we deal through traders, and unlike some private mills we deal on a FoB basis, so we hardly bother about the destination".
Below mention are the recent bookings from India-
| Mill type | Quantity in t | Deal value | Shipment |
| Government-owned | 30,000 | $375-380/t, FoB | 1st week of Aug'20 |
| Private | 30,000 | $405-410/t, CFR China | Aug'20 |
| Government-owned | 20,000 | $380/t, FoB | End Jul'20 |
On talking about the future outlook of India billet exports a market participant highlighted ..." and for this complete year; CY20, I think China will continue importing the billets, as domestic billet prices of China won't match the reasonability with the export prices. Also, weak domestic demand of the major billet exporting nations will support the event".
