Ex-India billet prices have slipped indicatively amid mounting negative cues from China and uncertainties from escalating skirmishes on tariffs across global trade. In these conditions, local mills have pulled back from exports, preferring to push higher volumes locally, SteelOrbis learned from trade and industry circles on Wednesday, April 9.
The ex-India billet reference price stands at $420/mt FOB this week, compared to $425-435/mt FOB a week ago, but the price is largely indicative as most private mills have refrained from submitting offers not expecting deals to mature because neither sellers nor buyers know how much the tariff challenges will upend trade and impact prices negatively.
The sources said that a spot sales negotiation between an eastern India-based integrated mill and an Asian buyer for 30,000 mt was terminated after the buyer pulled out of the talks, citing “unviable pricing”.
“There is acute nervousness bordering on panic both among buyers and sellers on how tariffs will impact markets. The global markets are upended and the impact will be all negative. The question is how much? Under these circumstances, the home market is the safe domain,” an Indian seller said.
Meanwhile locally, billet trade price have showed a mixed trend, but expectations are rather positive as the long products market has gained momentum in demand and prices. Billet trade prices are stable at INR 43,800/mt ($508/mt) ex-Mumbai, but have lost INR 500/mt ($6/mt) to INR 41,600/mt ($482/mt) ex-Raipur in the central region.
$1 = INR 86.25