On March 19, SteelOrbis reported ex-India export billet offers stable at $530/mt FOB. Sources reported some offers as high as $545/mt FOB in the same period, though the majority at $530/mt FOB.
Sources inform SteelOrbis that at the end of March, billet offer prices were trending at $515-525/mt FOB with no major billet export deals reported for the week ended March 30. Over the past two weeks, the most common offer level decreased by $15/mt while the top of the range decreased by $20/mt.
Sources report some strengthening of the domestic market for billet in the past week that will provide support to export offers. A source noted, “Mixed movements in the domestic semis markets around the country, slight rebound in overall Chinese prices, and a slight increase in national billet prices in the last week in March help strengthen my sentiment that as the market uncertainty subsides, billet exports from India may achieve some gains.”