According to market reports, a fresh export tender from an Indian state-owned producer has been closed for 30,000 mt of 150 mm billet. The final price has been reported at $521/mt FOB, down by $11/mt from the previous tender at $532/mt FOB last week, SteelOrbis has learned from market sources. The targeted sales destination has not been confirmed so far.
This new FOB price level translates to about $546/mt and above on CFR Southeast Asia basis, but there is a lack of buyers for 150 mm billet, and so it could be traded to the other destination.
“It seems traders and mills are trying to sell as much as possible before buyers take a break for the Chinese New Year,” a source said.
The SteelOrbis ex-India billet price has been lowered from $525-535/mt FOB, reported yesterday, to $520-525/mt FOB.