Posted on 09 Dec 2021
The Indian billets exports market continued to remain less active for yet another week in the absence of firm bids.
An Indian mill had floated an ocean billets sale export tender for 30,000 tonnes (t) (150mm, BF route, 3SP/4SP) for Jan’22 shipments. Due to limited participation, the tender got cancelled, as per SteelMint reports.
However, another Indian mill concluded a deal for around 20,000 t of billets (BF grade,150*150 mm, 5sp) towards the end of last week at $645/t CFR Indonesia.
SteelMint’s price assessment for Indian billets exports (150*150mm, 3SP/4SP, BOF route) was recorded at $590-595/t FOB on 07 Dec’21. Prices fell to an eight-month low as per data maintained with SteelMint. These price levels were last seen in Apr’21.
Limited bids from the key importing nations: China continued to remain less active in the imported billets market. Almost no firm bids for imported billets were heard from the country this week. SteelMint assessed China’s steel billets imports prices at $580-590/t CFR on 7 Dec’21, lower by around $7/t, w-o-w.
SteelMint’s price assessment for South East Asia steel billets imports stood at $640/t CFR on 7 Dec’21, unchanged w-o-w.
According to data maintained with SteelMint, China’s SHFE rebar futures contract for Jan’22 delivery closed at RMB 4,350/t ($685/t) on 8 Dec’21, witnessing a sharp fall of RMB 100/t ($16/t), d-o-d.
China’s domestic billet prices up: Steel billets prices in China’s Tangshan rose by RMB 70/t ($11/t) w-o-w to RMB 4,360/t ($686/t), including 13% VAT on 8 Dec’21.
India’s billet prices trade lower: SteelMint’s daily steel billet index (IF Grade) was assessed at INR 40,700/t exw-Raipur on 8 Dec’21, lower by INR 300/t, w-o-w.
Outlook
Indian billets exports market is expected to remain under pressure with China holidays coming up at a time when the uncertainty of the new corona variant prevails across the globe. Also, volatile steel futures continued to weigh down sentiments in the exports market.
Source:SteelMint
