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Indian billet export offers fall on lower counter-offer

[vc_row][vc_column][vc_column_text]Indian billet export offers fall on lower counter-offer

The recent drop in coking coal prices, coupled with Kenyan elections has softened sentiment for billet in African nations, owing to which buyers are seen reducing their bids for Indian billet. This week’s offers for induction-furnace (IF)-grade billet have been slashed by $20/tonne on-week, whereas bids have plunged by $60/t.

“Due to elections in Kenya, the market has become silent there. Very few enquiries are being floated from the East African region,” says a mill source. “We haven’t exported billet this week; however, we expect to conclude a few deals in the coming week.”

IF-grade billet offers are noted at $790-800/t fob Kandla against buyers’ bids of $760-770/t fob, Kallanish notes. No deal was heard concluding this week.

“A recent drop in coking coal [prices] had softened the expectations of buyers; however, as coking coal prices, as well as domestic billet offers are now picking up, we expect a surge in billet prices as well,” says a Gujarat-based billet exporter.

Indian blast-furnace (BF)-grade offers are noted at $820-830/t fob India; however, no deal was heard concluding recently.

Likewise, offers for pig iron have also softened due to limited enquiries from the US. Mills are now heard quoting at $790-800/t fob India, down by $20/t on-week. Recently, an Indian mill was heard concluding a 25,000-tonne pig iron export deal at $820/t fob India

Billet offers in the domestic market in India picked up on Thursday. Quotes were noted at $747/t ex-Mandi, $732/t ex-Raipur, $747/t ex-Mumbai and $754/t ex-Bhavnagar, Gujarat.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_btn title=”About LMM GROUP” link=”|target:_blank”][vc_column_text css=”.vc_custom_1649296177864{margin-top: 50px !important;}”]friendship Link:

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