Rashtriya Ispat Nigam Limited (RINL), also known as Vizag Steel is a Navratna had issued a tender for export of 30,000 MT bloom for which material delivery scheduled up to 15 Dec’17.
The material offered was of size 150*150 mm (IS 2830 C20MMn Gr.A) having chemical composition as follows: C: 0.17-0.23%, Mn : 0.6-1%, Si: 0.15-0.35%, P: 0.04% and S: 0.05%. The due date for bid submission was 08 Nov’17.
As per market sources report to SteelMint, the company has concluded the tender at around USD 450-455/MT, FoB India.
Looking at rising global scrap prices, it seems that billet export offers are less likely to decline and should gain strength.
Last week, bearish demand restrained billet export offers from moving up. CIS billet export offers were around USD 460/MT, FoB Black Sea. However ahead of upcoming winter season, global scrap prices are likely to remain on the higher side owing to tight material availability. This may support global billet export offers too.
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