According to sources close to SteelOrbis, the Indian billet export market has been quiet over the week as export tenders are receiving less activity from bidders. In general market comments, a source noted that offers on 150x150 mm billed peaked in mid to late September at approximately $520-525/mt FOB, but offers have declined since then with a slight uptick along the downtrend in October. The source noted that export offers are presently around $450/mt FOB India.
Despite the challenging export pricing, he noted that billet is facing increasing domestic demand as inquiries for the product continues strong. For example, the increased inquiries have bumped up domestic billet offer pricing beyond the recent high of INR 27,100/mt ($419/mt) ex-Raipur mill on October 31 to INR 27,200/mt ($417/mt) ex-Raipur mill on November 16, though, the price decreased $2/mt compared to October 31 due to currency fluctuations. In the period from October 31 to November 10, prices had dropped to INR 26,400/mt ($405/mt) ex-Raipur mill, but have now rebounded.
$1= INR 64.67, (Oct 31)
$1= INR 65.19, (Nov 10)
$1= INR 65.21, (Nov 16)