Vizag Steel (Rashtriya Ispat Nigam Ltd ), a state owned enterprise has recent closed a bloom export tender for 30,000 MT ( 150*150mm). The company received overwhelming response for the same tender.
On 07 Apr’16, Vizag steel floated export tender inorder to export 30,000 blooms which closed on 27th Apr’16 which was for selected countries namely African, ASEAN, Middle East and Latin American countries.
Sources close to this tender mentioned that around 6 companies participated and bids were higher from the previous tender (for 40,000 MT billet export tender expired on 11 Apr’16) which was settled at USD 362.8/MT FoB, Vizag port earlier this month.
Higher offers from Chinese exporters
Prime reason for overwhelming response is higher export offers from China, which have gained almost USD 105/MT in last two months.
Secondly several Chinese exporters are defaulting on deliveries, which have made global buyers to look for other option.
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