Ex-India billet prices have been kept stable over the past week, though with some sellers continuing to submit slightly higher offers, but no deals have been confirmed as buyers seeking discounts have been turned down since sellers are supported by improvements in local sales, SteelOrbis learned from trade and industry circles on Wednesday, November 19.
Ex-India billet offers have been kept stable in the range of $420-430/mt FOB with at least two Odisha-based mills heard to have quoted higher at around $440-450/mt FOB, perceiving prices in Asia may rebound soon.
However, with local sales improving both in terms of trade volumes and prices, large mills have not been giving discounts to push overseas sales, the sources said.
Local billet trade prices have surged INR 600/mt ($7/mt) to INR 38,300/mt ($432/mt) ex-Mumbai and are also up INR 600/mt ($7/mt) to INR 35,700/mt ($403/mt) ex-Raipur in the central region.
“There are signs that prices of semis are near a bottom in most Asian destinations. However, buyers are still not accepting higher prices. Indian sellers can wait for workable prices to harden and are turning down discounts as now their local market seems to be looking good,” a source in India said.
“Most large mills are waiting for $440-450/mt FOB to emerge as an acceptable price. Till then the sellers will hold back offer volumes,” he added.