Rashtriya Ispat Nigam Limited (RINL), also known as Vizag Steel, had invited a tender for export of 20,000 MT blooms. 10,000 MT bloom offered was of grade IS 2830 GR A C20 MMn having size 150*150mm. And remaining 10,000 bloom offered was of size 200*200mm having same grade. The bid due date for the tender was 28 Mar’18 and validity of the bids was till 05 Apr’18.
The material offered had specifications: C-0.17-0.23%, Mn – 0.6-1%, Si – 0.4% max, P-0.05% max and S-0.05% max.
According to market sources report to SteelMint, the company has concluded the tender. The tender for 150*150mm bloom has been concluded at USD 505/MT, FoB India and 200*200mm at around USD 495/MT, FoB. Entire quantity offered through tender has been allotted.
The bids fetched in this tender was lower by USD 10-15/MT against company’s previous tender floated last month. Vizag Steel’s previous export tender for 40,000MT billet /bloom floated in Mar’18 received good response. 65*65mm was concluded at around USD 535/MT, FoB India; 150*150mm at around USD 515-520/MT, FoB India, 75*75mm billet around USD 520-525/MT, FoB India and 200*200 mm at around USD 505/MT, FoB.
Indian billet export price assessment has remained stable this week after witnessing a sharp fall last week amid cheaper supplies from China. Present assessment for 150*150mm billet stands at around USD 505-510/MT, FoB India.
Global Billet market updates – Week 14, 2018
1. CIS billet export price assessment stands at USD 520/MT, FoB Black Sea. Sluggish demand from Turkish steel mills over fall in prices resulted in decline in CIS billet export offers. CIS billet export assessment has come down by USD 10/MT W-o-W.
2. Chinese billet export offers have increased this week post uptick in futures market. Chinese billet export offers were assessed at USD 520/MT, FoB.
3. Domestic billet prices in Tangshan, China are assessed at RMB 3,460/MT (including 17% VAT) against RMB 3,500/MT in the beginning of this week. However amid holidays, assessment has remained flat towards the weekend.
4. Iran billet export offers were heard to have come down by USD 15-20/MT post Persian New Year holidays.
5. Domestic billet prices in India have increased this week, however trade volumes haven’t improved much. In Mumbai, price assessment for 125*125mm billet stands at INR 35,100-35,300/MT (ex-Mumbai, GST extra). Prices are up by INR 700/MT W-o-W.
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