Rashtriya Ispat Nigam Limited (RINL), also known as Vizag Steel issued a tender for export of 15,000 MT billets and 25,000 MT bloom followed by other steel products on 10 Jul’17. The bid due date for the same was 18 Jul’17.
In the tender floated, billets offered were of size 90*90 mm and bloom offered were of size 150*150 mm of grade IS 2830.
According to market sources report to SteelMint, both the lots managed to receive participation from three companies.
Market participants highlighted that highest bid for 150*150 mm bloom was at around USD 428-429/MT, FoB and in the range of USD 433-434/MT, FoB for billets.
Billet export offers are witnessing surge owing to supply crunch on falling exports from China coupled with strong demand and rising prices of electrodes. On one hand, Chinese government has shut down small induction furnaces with annual capacity around 40-50 MnT owing to environmental concerns.
On the other hand, several EAF (Electric Arc Furnaces) are starting their operations in China in order to compensate gap created by closure of induction furnaces which has led to sharp increase in prices of graphite electrodes which is used in EAF route of steel making.
Trade sources are expecting that company may come out with another fresh tender soon.
Leave a Reply