Rashtriya Ispat Nigam Limited (RINL), also known as Vizag Steel, has invited a tender for export of 8,256 MT billet(IS2830 grade) & 5,504 MT Wire rod coil to Nepal.
The minimum offered quantity is 2,752 MT. As per the document, delivery of material shall be by Jan-end or Feb-mid 2018 and the due date for bid submission is 2nd Jan’18 till 11:00 AM (IST).
The offer given by the bidder will remain valid till 09 Jan’18.
Prior to this, the steel maker had floated export tender for 5,504 MT billets & Wire rod each for Nepal which due date was on 1st Dec’17. As per market sources, the tender was fetched over whelming response and total quantity have been sold out, billet at USD 460/MT & Wire rod at USD 525/MT on ex-mill basis.
Induction Grade Offers
The private producers based in West Bengal & Odisha have concluded small export deals for Nepal during last week at the price range of USD 455-465/MT ex-mill.
The latest export offers for Nepal are reported at USD 465-470/MT ex-mill, Durgapur & USD 472-475/MT ex-mill, Rourkela.
Nepal’s Domestic Steel Demand Boost
Local steel demand in Nepal has improved considerably after the end of legislative elections. The local steel producers in the nation reported, increase in domestic steel prices by almost Nepalese Rupee (NPR) 3,000/MT (INR 1,800, USD 28), post elections.
With rising demand and steel capacities in Nepal, the nation’s import for Billet & Sponge also boost.
According to Nepal Customs data, India is the sole supplier of billet to Nepal. In 2017 till mid November, 1,005,000 MT billet were imported by Nepal compared to 1,109,000 MT in 2016 (Jan-Dec).
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