Indian mill cancels bloom export tender on the bid-offer standoff

Indian mill canceled 60,000 t bloom export tenders (30,000 t each) amid high bid-offer spread. The company received the bids at $410/t (for advance payment terms) and $415/t (for LC at sight), FoB India basis, while the company’s expectation was $425/t, FoB. According to SteelMint sources, the company is likely to float spot tender for canceled quantity.