Indian billet export prices climb to two-year high
Indian billet export prices have soared in recent deals, going up by $25-30/t week-on-week (w-o-w) in a recent export tender hosted by a state-owned steel mill.
The tender was for 30,000 t of billets of 4SP grade for the end-Dec’20 shipment. According to sources, the company managed to achieve a price level of $475-480/t, FoB India basis. The shipment is likely to be scheduled for a South East Asian destination.
Indian billet export prices are hovering at over two-year highs, with similar levels last seen in Oct’18.
Domestic billet prices in China saw a w-o-w rise of RMB 20/t ($3/t), and settled at RMB 3,610/t ($550/t) on 1st Dec’20.
Rising global scrap prices: On account of tight availability, imported scrap prices to Turkey increased by $50/the month-on-month (m-o-m) in nearly nine bookings last week. Prices are hovering close to their highest levels in 2.5 years. Such levels were last witnessed in Apr’18.
Asessment for USA origin HMS 1&2 (80:20) stood at $350/t CFR Turkey last week. Increased global scrap prices have propelled global billet prices further up, especially from the prominent scrap importing nations like Vietnam. Billet export offers from Vietnam are currently hovering at $490-495/t on an FoB basis for end-Jan’20 deliveries.
Assessment for Indian billet (150x50mm, BF grade, FoB East Coast) stands at $475-480/t – up by $25-30 against last week.