SAIL (Steel Authority of India Limited) had floated an export tender for 15,000 MT MS Plates on 02 Nov’16. The due date for the same was 8 Nov’16. The material was of ASTM A36 grade or equivalent, ship building quality with size ranging between 10-63 mm.
However it was cancelled due to lower bids and the company was negotiating with buyer for higher price.
According to sources, SAIL has sold approx 7,000 MT plates recently at above USD 425/MT, FoB for base grade and even Cargo may have been booked for European market.
It may be noted that SAIL charges premium for size and quality above base grade, which is about USD 50-55/MT.
This means, if the deal has been concluded at around 425/MT FoB, this is equivalent to USD 470-475/MT FoB.
Chinese Plate Export Offers Moves up
Plate export offers from China have increased marginally and are heard to be in the range of USD 430-435/MT, FoB China.
Prices rose by USD 5/MT W-o-W as last week they were seen hovering at USD 4 25-430/MT, FoB.
Domestic steel demand in China has recently gained momentum with the state council’s investigation into mills illegally ramping up capacity. This gave a boost to the market sentiments owing to which domestic flat steel prices in eastern China increased.
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