Certain Indian suppliers have raised their billet prices to China, Kallanish understands. Indian mills exported billet aggressively to China last month after their local market was put into lockdown by the government to prevent the spread of Covid-19.

Indian billet offer prices rose on Thursday after Chinese steel futures strengthened, a Chinese trader reports. An Indian mill has raised its offer for 3sp/4sp billet for June shipment to $378/tonne cfr China, compared to $371/t cfr the week before, he notes. He believes that Indian billet deals last took place at $372/t cfr China.

An Indian trader says the Indian mill offering billet at $378/t cfr previously sold its billet at $371/t cfr around two weeks ago. Export offer prices jumped up on Tuesday, he adds. Domestic steel demand is coming back slowly, another Indian trader says, adding that prices have been hiked by around $5/t. India's coronavirus lockdown has been extended for two weeks beyond 4 May with some easing of restrictions.

However, some say there are still offers at lower levels. Indian billet is offered at $373/t cfr, but there have been no deals yet, a Chinese trader says. An Indian trader says some Indian suppliers are still offering billet at $370-375/t cfr. "But people say offers could be increased by $5 soon," he adds.