Ex-India billet prices have remained stable over the past week, with sellers remaining active in submitting offers taking optimistic cues from global trends, but lower-than-expected bids received against some tender-based offers have dampened sentiments and the outlook, SteelOrbis learned from trade and industry circles on Wednesday, November 5.
The tradable level for ex-India billet prices is unchanged at $420-430/mt FOB and some offers have been heard at $430-440/mt FOB.
However, two tenders by government mills received lower-than-expected bids, casting doubts over immediate success in spot deals.
Sources said that a government-run mill held a tender for 30,000 mt of billet, receiving a highest bid of $420/mt FOB, while another mill of the same company held a tender for 20,000 mt, receiving a highest bid of $425/mt FOB, with both prices lower than the targeted prices.
No private mill or trading firm has confirmed spot sales deals, the sources added.
According to the sources, the improvement in billet merchant trade prices in local sales has also reined in private mills from aggressively pushing sales overseas.
Local Indian billet trade prices have gained INR 900/mt ($10/mt) week on week to INR 38,200/mt ($431/mt) ex-Mumbai and are up INR 850/mt ($9.6/mt) to INR 35,300/mt ($398/mt) ex-Raipur in the central region.
