Rashtriya Ispat Nigam Limited (RINL), also known as Vizag Steel, an Indian government owned steel maker had floated an export tender of 11,008 MT (equivalent to 3 rakes) wire rod for Nepal, which expired on 3rd Oct’17.
As per market participants, the company has received weak response in this tender and as per the sources only a rake of wire rod export deal has been concluded at around USD 520-525/MT (ex-mill) for Nepal for which the delivery scheduled in the end of Oct. The rest of material remain unsold or under negotiation mode. Railway freight from mill to plant is around USD 50/MT.
It seems that the less participation in the tender is because of the volatile steel prices globally which kept away the buyers from bulk deals.
SteelMint learned that these prices are similar against the last tender concluded by RINL during Sept’17 for two lots of wire rods exports to Nepal at USD 520-525/MT (ex-mill).
It is expected that company may come up with fresh tender at the end of this month for November delivery.
The company’s last billet tender for Nepal was concluded at USD 485-490/MT (ex-mill) and for South East Asian countries it was at USD 525-526/MT for 90mm & USD 515/MT for size 150mm, FOB India (east coast basis). These tenders were concluded during mid of Sept’17.
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