Rashtriya Ispat Nigam Limited (RINL) also known as Vizag Steel had invited tender for export of 15,000 MT billet (150*150 mm, IS 2830 C20 MMN GR A) for October end shipment. The material had specifications – C – 0.17-0.23%, Mn – 0.6-1%, Si – 0.15-0.35% max, P – 0.045% max and S – 0.05% max of length 12 meters.
The due date for bid submission was 11:00 am IST on 27 Sept’17.
As per trade sources report to SteelMint, the tender received bids received below USD 475/MT FoB. As the received bids were not in line with company’s expectations, it has canceled the tender.
Billet prices in global market have come down sharply owing to fall in scrap prices along with prevailing holidays in China which has resulted in plunge in semi-finished steel prices in China.
The company concluded last tender for same grade at around USD 515/MT FoB about 20 days back.
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