Vizag Steel, India’s state owned steel maker, had floated an export tender of 11,000 MT billet of size 90*90 mm for Nepal (via Road), which closed on 19th Dec’16. According to market participants, company has managed to get highest bid at around USD 380-385/MT (equivalent to INR 25,250/MT) on ex-plant basis.
It is learnt from market sources that, company is expecting a higher price and may discard this tender.
Billet prices in global market have increased sharply in last few weeks on rising raw material cost. Current billet export prices from China are at USD 430-440/MT FOB and CIS region at 405-410/MT FOB Black Sea.
Last tender by Vizag steel was concluded at USD 383/MT FOB Vizag Port, in the month of Nov’16.
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