India’s state owned steel mill SAIL (Steel Authority of India) heard to have concluded 7,000 MT wire rod export tender, which expired on 19th Aug’17 for October shipment.
SAIL had floated this tender on 16th Aug for 6/8/10/12mm wire rod of IS 2062 grade from it’s Burnpur, East India based plant.
According to market participants, company managed to receive bids from 2-3 companies, which ranged from USD 508-522/MT FOB. SAIL has finally managed to conclude it at USD 520-525/MT, FoB India.
Company has raised its price expectation to USD 535-540/MT FoB amid rising global prices and increased cost of production.
Long Steel exports from India have picked up progressively due to absence of Chinese cargo. Several export deals of re-bar and wire rods were heard concluded in the month of August.
Global Offers
Other global market marked stability in their offers owing to ongoing holiday’s season and opted for wait and watch scenario for the market to open after the break. Chinese wire rod export offers are recorded at USD 560-570/MT FOB China. Although, not many deals have been reported from China as domestic prices and demand remain strong. CIS offers are assessed at USD 550-560/MT FOB Black sea.
Buying interest from South East Asian region are assessed at around USD 560-570/MT CFR.
Leave a Reply