Indian steel producer RINL has recently closed its export tender for 60,000 mt of billet/bloom, according to sources from the market. The size of the material is 150 mm. The highest bids have been reported at $425/mt FOB, SteelOrbis has learned from a number of market participants, up by around $5/mt compared to the workable level seen in the Indian billet export market last week.
About 30,000 mt of billet under the tender was purchased by a leading trading company, while the other 30,000 mt was bought by a customer from the GCC.
The price level of $425/mt FOB from India is equivalent to a minimum of $450/mt CFR Southeast Asia, “but no takers. Also, China is very quiet,” a trading source said. In Southeast Asia, the tradable value for imported billet has reached $445-450/mt CFR, but overall demand has been slack. At the same time, Chinese importers have almost left the market, seeing falling rebar futures and weaker domestic prices.
The SteelOrbis reference price for Indian billet in the export market is at $425-430/mt FOB, as reported on September 9.