A major Indian state-run mill has closed a tender for 30,000 mt of 150 mm billet by the end of the week, with the final bid above $700/mt FOB, in accordance with the market expectations earlier this week.
The final price has been confirmed at $720.5/mt FOB and the deal was signed yesterday, March 3, according to sources. “Almost certainly it is for Turkey, definitely not for Asia,” a trader said.
The freight to Asia from India is above $50-55/mt now, while for Turkey the rate has not been confirmed by the time of publication, but sources agree that the offer for this material would be at a minimum of $800-810/mt CFR.
Earlier this week, Indian exporters were saying that $700/mt FOB had emerged as a realistic achievable price and their target was above this level as major buyers in the MENA countries had started to look for alternative sources. The SteelOrbis reference price for ex-India billet is at $720/mt FOB, up from $648-655/mt FOB a week before.
