Vizag Steel Ltd, India’s one of the largest and a government owned steel making unit, had floated an export tender of 80,000 MT bloom, 30,000 MT billet and 46,000 MT rebars, wire rods & structural steel, which got expired on 12 Aug’15.
The company managed to get bid for only 55,000 MT bloom. Whereas, other products went unsold in the tender.
Market participants mentioned that blooms of size 150*150 mm received bids at USD 325/MT for low manganese content and USD 330/MT for high manganese content on FoB India East Coast basis, by global trade, Duferco. This cargo is likely to be shipped to Bangladesh and Sri Lanka, which is scheduled in last week of September, as per tender documents.
Last tender that was concluded in July 2nd week, had fetched bids at USD 330-335/MT, FoB India East Coast by Duferco.
Chinese Offers
Chinese billet (150*150 mm) offers to Bangladesh remains comparatively higher at USD 330/MT, CFR Chittagong and around USD 295-300/MT, FoB China; no firm trades were reported at these levels.
Square billet (120*120 mm) from CIS region corrected by USD 5/MT this week owing to currency devaluation. Russian Ruble fell to 65 per USD, which was trading at 58 per USD in 1st week of August. Current offers are assessed at USD 320/MT, FoB Black Sea.
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