Vizag Steel Plant (VSP) also known as RINL has increased Finished Long Steel prices by INR 500-1,000/MT (USD 8-15) for Mar 2018 deliveries. Prior to this during Feb’18, the company had raised prices twice by up to INR 2,500/MT (USD 39), according to the company’s price list.
Vizag steel is a state owned producer with an annual capacity of around 6.3 MnT crude steel. Company is also the largest long steel producer in India.
It seems that the company is raising steel prices consecutively in line with high raw material prices and strong demand globally. Recently in last week of February, the company had concluded a 20,000 MT Billet/bloom export tender on increased bid prices.
The latest domestic price hike assessed for Wire Rod is by INR 750/MT and INR 1,250/MT for North Region, Structure by INR 500/MT and INR 1,000/MT for North Region, Re-bars by INR 1,000/MT & Pig Iron by INR 1,000/MT, as per the company’s price circular w.e.f. Mar 1, 2018.
The revised offers are as follow –
1. Wire rod (5.5mm, HC 50 – HC 85) at INR 45,800/MT,
2. Rebar (8mm IS1786 Fe500D) at INR 45,830/MT.
3. Pig iron (LSB) at INR 28,500/MT.
4. Channel (200×75 mm, IS 2062 Gr. A) at INR 40,280/MT.
Prices are excluding 18% GST & ex-plant, Vizag.
— Vizag Steel has issued a tender for export of 11,008 MT billet for Nepal and validity expires on 10th Mar’18. According to the participants, the company has received highest bid (H1) at around USD 515/MT. However, this has not been confirmed with company officials at time of publishing.
— Vizag Steel has concluded couple of export tender of billet (90*90 mm) at USD 520/MT and bloom (150*150 mm) at USD 510-515/MT on FOB basis through tender process in the month of February 2018 for which delivery is scheduled by March-end.
Leave a Reply