Ex-India billet prices have been kept largely stable over the past week, but sellers have paused submitting offers after receiving low bids, with reports indicating that key markets like the Middle East are sufficiently stocked and that buyers are only keen to evaluate discounted offers, SteelOrbis learned from trade and industry circles on Wednesday, February 4.
Ex-India billet prices have been kept unchanged at $445-450/mt FOB, but most large mills have paused submission of offers, following bids at $430-435/mt FOB which were considered to be unviable by most sellers.
According to the sources, markets in the Middle East are heard to be either fully stocked or buyers have been deferring deals, expecting a new price trend to emerge after the long holiday ahead in China.
As for sellers, despite a correction in the local semis market, mills are optimistic regarding a revival of demand for construction grade steel and a recovery in local billet prices, and have preferred to hold back volumes rather than increase export allocations during the fiscal year-end.
The local billet market has remained on a correction course, with prices losing INR 200/mt ($2/mt) to INR 43,300/mt ($474/mt) ex-Mumbai and down INR 300/mt ($3/mt) to INR 39,700/mt ($435/mt) ex-Raipur in the central region.
$1 = INR 91.22
