India’s state owned mill Vizag Steel also know as Rashtriya Ispat Nigam Ltd (RINL) has concluded its 55,000 MT billet export tender.
The company had issued a tender for export of 55,000 MT billet. The offered quantity consisted of 40,000 MT (150*150 mm) billet and 15,000 MT billet (90*90mm). The material shipment is scheduled for Jan’18.
SteelMint learned that, company has concluded both the lots at around USD 500/MT FOB India east coast. These levels are higher by about USD 40-45/MT from the last tender concluded by Vizag Steel in fourth week of November.
Billet prices in seaborne market are moving up owing to less availability and rising scrap prices.
Global Billet Market Overview
1. Current offers for billet from CIS region are assessed at USD 515-520/MT FOB Black Sea
2. India’s SAIL has floated two tenders for export of 13,500 MT billet each
3. Domestic billet prices in northern China are assessed at RMB 3,900/MT (ex-works), including VAT
4. Domestic billet prices in India are assessed at INR 32,000/MT (ex-Mumbai)
5. Price assessment for billet import to South East Asian nations stand at around USD 530-535/MT, CFR
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