IRON and STEEL
Chinese billet prices notice stability after a sharp fall. Domestic prices increased by RMB 60 ($9) in last two days.
Chinese domestic billet prices observed some rebound on Thursday amid improved export enquiries, SteelMint learned from market sources.
Major billet producers cumulatively increased billet prices by RMB 50 ($7) to RMB 3100 ($447), ex-Tangshan, China, including 17% VAT.
Chinese exporters report rising enquiries for wire rods and billets from China at these levels.
"Prices had decreased too sharply in domestic market and exporters have been waiting. If they feel prices have bottomed out, they will start buying. We expect some transactions to resume from next week," said a trader.
US tariff cuts on steel imports from Turkey has started strengthening the trade sentiment in CIS nations, effects can be witnessed with recent billet export indications from CIS nations, which was reported to be USD 420-423/MT, FoB Black Sea. This is higher against last week offers of USD 410-415/MT, FoB Black Sea.
Indian steel prices remain slightly surge by INR 100-400/MT on improved inquiries from the domestic buyers. The mid sized mills have raised Billet prices by INR 100-400/MT, Rebar by INR 100-300/MT & Sponge iron by INR 100-200/MT day on day in major markets.
According to the latest data from the National Bureau of Statistics, China's daily average crude steel output in April 2019 was 2,834,300 tonnes, breaking the record high average of 2,694,800 tonnes per day of crude steel output in September 2018.
Indian Silico Manganese Prices are under pressure due to various factors as it is highly dependent on the inventory level possessed by the producer and the region they are offering from and also the grade quality.
Indian spot steel prices sharply surge by INR 300-600/MT in a day on improved demand in finished steel products amid positive outlook. The sources have reported better response from the stockiest & end user segment.
Billet export offers from CIS nations gain softness: Ramadan holidays have increased the dullness intensity of trades from CIS nations.