Indian Mills Remain Active for Billet Export on Subdued Domestic Demand

Subdued domestic demand and increasing inventories amid imposed lock-down has continued to keep Indian mills active in the export market. According to credible trade sources report to SteelMint, an Indian steel mill was reported to book 60,000 MT billets recently.

-- In one of the deals concluded for 30,000 MT billets (150*150 mm, 3 sp grade) was reported to be concluded at USD 350/MT, FoB India for end May shipment.

-- In another deal via spot sales, an Indian mill concluded 30,000 MT billet (150*150 mm, 3 sp grade) was reported to be concluded at USD 355-360/MT, FoB India.

-- Meanwhile, another Indian mill was reported to cancel the billet export tender amid limited participation. According to sources reported to SteelMint, the tender received a single bid between USD 340-345/MT. The tender was floated for 125*125mm size, while the quantity and grade for the tender were 18,900 MT and 4SP/5SP respectively.

-- Last week, the global billet market turned active. GCC and SE Asian region were noted to resume billet bookings from Iran after a long time amid pandemic. With these bookings, it is anticipated that trades could come to routine in other parts of the globe in soon time.

-- However, China continues to import billets from India, Iran and CIS nations. According to market sources reported to SteelMint, the country has imported approximately 800,000 MT of billets during Mar'20 and this fig is expected to increase for Apr'20.