Ex-India billet prices have been kept stable over the past week, but more sellers have become active in overseas offering, as the local market is losing steam and entering a new downtrend, SteelOrbis learned from trade and industry circles on Wednesday, January 28.
Sources said that ex-India billet offer prices are stable in the range of $445-450/mt FOB with some sellers attempting to nudge up offers to highs of around $460/mt FOB, but the tradable level has been closer to $435-440/mt FOB, as buyers have been accepting prices only if they are close to ex-China offers.
A few sellers have been in negotiations at $435-440/mt FOB, mainly to the Middle East, to destinations like Oman and the UAE.
It was pointed out that, with the local market for semis entering a downturn and prices suffering setbacks, more sellers have been offering volumes for overseas sales for quick liquidation of stocks and to improve cash on the books ahead of the fiscal year-end.
In the local market, billet trade prices are down INR 500/mt ($5/mt) to INR 43,500/mt ($474/mt) ex-Mumbai and have lost INR 900/mt ($9/mt) to INR 40,000/mt ($436/mt) ex-Raipur in the central region.
$1 = INR 91.63