Indian mills reduce global sales on better domestic realizations

The Indian mills continue to remain inactive in the global billet market for this week as well. The mills are enjoying better domestic realizations and are in no mood for the exports. Owing to this, some mills have also curbed their export allocations, SteelMint learned from trade sources.

Early last week, an Indian mill booked 20,000 t BF grade billet (150*150mm) through a tender at a price level of $400-405/t, on a FoB India basis. The shipment is likely to go to China, SteelMint learned from a company official.

The company is mostly shipping previously concluded orders and is not offering much in the seaborne market though it is active in the Nepal market, said a company official.

Key Findings

• Yesterday, the SteelMint daily billet index (Exw Raipur) of IF grade was assessed at INR 31,700/t ($424/t), up by INR 950 ($13) from last week's prices.
  
  
• Major primary mills of India have announced a successive price hike for the domestic market in Aug'20.
  
  
  
• Indicative billet export offers were heard at $410-415/t, FoB India. SteelMint's assessment for Indian billet (150*150mm) export price is at $410/t, FoB India, up by $5 w-o-w.
  
  
• Chinese bids for Indian billets were heard at $425-430/t, CFR, unchanged from last week.
  
  
• An Indian primary mill has recently concluded some billet export deals for Nepal recently.