Vizag steel (RINL) wins the negotiation and settled the deal at USD 10/MT higher from the bids received.
RINL, which had floated an export tender of 75,000 MT Bloom and 10,000 MT Billet on 20 Dec’14, has finalized the deal for Bloom export at USD 400/MT (INR 24,700), FoB Vizag.
Company had conducted price bids on 9 Jan’15, receiving bids around USD 380-390/MT, FoB Vizag. Duferco (Swiss based trading company) was the highest bidder for Blooms at USD 390/MT, FoB Vizag, among the three trading companies participating in bids namely Duferco, Nucor & Fecat.
Though, the company received highest bid of USD 390/MT, it skillfully negotiated the bids and settled at USD 400/MT, FoB Vizag. It had settled the last export deal of Bloom at around USD 419/MT, FoB Vizag for 10,000 MT.
Sources reported the export deal settled by Duferco is for countries like Sri Lanka & Bangladesh.
[su_note note_color=”#c2d6e9″ text_color=”#0b0a0a”]RINL has canceled the Billet export tender, expired on 9 Jan’15 owing to low bids at USD 415/MT, FoB Vizag. It is yet to finalize Pig iron export deal,which expired on 8 Jan’15; in dilemma of choosing between low bids of USD 306/MT and domestic stock pressure & price war.[/su_note]
Exchange Rate : USD 1 = INR 61.75
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