Indian billet exports remained almost inactive even after sellers made minor adjustments to prices but buying interest in most key destinations remained at low levels, SteelOrbis learned from trade and industry circles.
While private mills are largely staying away from submitting offers, the market is keeping a close watch on a 30,000 mt export tender from a government mill to assess new acceptable pricing.
The sources said that while government mills are reported to be maintaining ex-India prices at $500-510/mt FOB, at least one private mill reported an offer in the range of $470-480/mt FOB but failed to conclude any deals. The reference price for ex-India billet has increased to $470-510/mt FOB compared to $460-490/mt FOB a week ago.
Trade circles said that an eastern India based integrated mill concluded a deal for 20,000 prime concast billet at $510/mt FOB, but this was not confirmed by the seller.
“Apparently, current ex-India offers are competitive. But for buyers there are too many options, particularly with ex-Iran and ex-Russia offers across Asian and Gulf destinations,” an official with a government mill said.
“Most sellers are unwilling to accept deals below the $510/mt FOB mark but in view of rise in supplies, this is not a workable price,” he said.
Meanwhile, in the local market, merchant billet prices showed marginal changes, moving down INR 100/mt ($1/mt) at INR 49,600/mt ($624/mt) ex-Mumbai, but up INR 1,000/mt ($13/mt) at INR 48,000-48,500/mt ($604-610/mt) ex-Raipur in central region.
