Ex-India billet offers prices have been kept stable at elevated levels over the past week, but more sellers have become active in pushing sales following rapidly slipping local sales prices, SteelOrbis has learned from trade and industry circles.
Sources said that ex-India billet offer prices are unchanged at $445-450/mt FOB with more mills attempting to divert more volumes for overseas sales amid the optimistic outlook in key destinations, coupled with the local market for semis entering a bearish phase.
But the tradable level was reported at $440/mt FOB and below.
An Odisha-based integrated mill has reported negotiations for 30,000 mt to the Middle East at $440/mt FOB. Similarly, there were a few bids from Asia at $425-430/mt FOB, but deals have failed to be confirmed as this level seems too low for most sellers.
With the local billet market reversing its recent rally and entering a sharp downturn and with the slowdown in movement of semis in the market, more large mills have started to push offers overseas.
According to market intermediaries, local merchant billet trade price have suffered a setback of INR 500/mt ($6/mt) to INR 42,500/mt ($471/mt) ex-Mumbai and are down INR 700/mt ($8/mt) to INR 39,300/mt ($435/mt) ex-Raipur in the central region.