Rashtriya Ispat Nigam Limited (RINL), also known as Vizag Steel has invited tender for export of 10,000 MT wire rod coils from Vishakapatnam, India. However, company failed to receive bids owing to technical issues.
Company offer of wire rod in coil form was 5.5MM, SAE 1008 grade. Minimum quantity to bid is 5,000 MT and the offer given by the bidder was valid till 29 Nov’16.
“Indian wire rods are popular in Africa and Asian sub continents. But buyers require mixed size and grade.” said a trader.
In the mid of Oct’16, Vizag steel also floated another export tender of wire rod coil (5.5mm, 6mm and 8mm) of about 11,000 MT for Nepal and for which the company received bid at around USD 430/MT (ex-plant).
This is the first time that Vizag steel had offered wire rod in export market in such large quantity. Generally it offers wire rod only to Nepal market.
Chinese wire rod export offers fell by USD 15/MT in a week’s time and at present it is USD 395-400/MT. In India the present wire rod offer by primary producer for 5.5 MM are at INR 31,000-33,000/MT (USD 462-490/MT), excise duty and taxes extra.
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