Mining News Pro - A govt. owned steel unit had invited a tender for export of 10,000 MT Billets. Material offered was of size 90*90mm, IS 2830 C20MMn Gr A grade and 12 metres in length. As per the delivery schedule, last date of delivery period shall be 31 Aug’18.
According to market sources report to SteelMint, the tender received good response with participation from around 3 companies. The highest bid fetched was heard at around USD 505-508/MT, FoB India.
In another deal reported, a private mill sold around 25,000-30,000 MT billets (150*150mm, 4 SP grade) at around USD 520-530/MT, FoB India. The cargo is likely to be shipped to SE Asian countries.
Indian mills turned active in exports after currency depreciation and decline in domestic prices. INR depreciated to all time low of 69.05 against USD on 19 Jul’18. Following this Indian mills turned active for exports.
Also domestic steel prices have weakened amid seasonal slowdown. Billet 125*125mm prices fell to INR 31,800/MT (USD 463) (basic, GST extra) as against INR 34,600/MT (USD 504) a month back.
Global billet market overview:
--Billet export offers from CIS nations have edged up amid less availability with with few mills in Ukraine and Russia going for maintenance. Present assessment at USD 495-505/MT, FoB Black Sea.
--Iran billet export price assessment remains unaltered at USD 500-505/MT, FoB.
--Chinese domestic billet prices have increased throughout the week. Spot price of 150*150mm, Q235 billet in Tangshan stood at RMB 3,870/MT (including VAT) against RMB 3,800/MT (including VAT) a week ago.