Steel Authority of India Limited (SAIL), India’s largest steel manufacturer, has failed to receive response in its global export tender of 15,000 MT plates. The tender was closed on 16 Mar’16.
On 11 March, SAIL has issued a global tender in order to export prime mild steel hot rolled plates. The material was of ASTM A36 grade or equivalent, ship building quality with size ranging between 10-63 mm.
The reason for failure in receiving response is that the company might not have got the expected price quotation from the interested parties. As per market sources, company was expecting higher or equivalent realizations to what it is getting in domestic market.
Post MIP announcement, plates prices in Indian market have surged considerably in the range of INR 3,000-4,000/MT resulting in better reliastaions in the domestic market itself.
Current offers for base size 16-20mm plates in domestic market are being heard at INR 28,000-28,500/MT (USD 410-420/MT) (ex-works) basis. Commercial grade plates from China are currently being offered at USD 355-360/MT, FoB China basis.
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