Chinese Buying Keeps Indian Billet and Metallics Export Active
Indian billet and pig iron exports turn active on renewed buying interest from Chinese traders.
According to sources over 90,000 MT billet and 90,000 MT Granulated pig iron has been booked by Chinese traders in last few days at a price level of USD 395-400/MT and USD 320-325/MT, CFR China respectively.
Tangshan govt (China) has issued fresh guidelines to curb pollution w.e.f 15 Oct'19 till further notice.
Chinese domestic billet prices are hovering in the range of RMB 3,390/MT (including 13% VAT) which is equivalent to USD 480/MT (including VAT).
Chinese billet imports attract an import duty of 2% and 1% based on origin of the cargo.
Chinese traders are hedging imported cargoes with futures contract of Re-bar listed on Shanghai exchange in order to avoid risk.
source: SteelMint
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