India’s leading steel producer, Vizag Steel, has recently closed an export tender for 20,000 MT blooms (150 X150 mm) on 16 Feb’17. The company has managed to attract 3 participants according to sources.
The company received the H1 bid around USD 389-390/MT, followed by H2 bid at around USD 386-387/MT, FoB India respectively. However, it is yet to be confirmed.
Vizag Steel floated this tender on 15 Feb’17 for 20,000 MT blooms with scheduled technical bids closed on 16 Feb’17 and delivery of the shipment is scheduled till 15 Mar’17.
Notable, the company has issued the export tender for 30,000 MT billet in the month of Jan’17 and awarded at USD 397.5/MT, FOB India. But tender awardees failed to submit the bank guarantee (BG) on time. Hence, the company has canceled the tender and re-issued the tender with scheduled technical bids to close on 16 Feb’17.
Chinese billet export offers rise sharply
Chinese billet export offers have risen sharply and currently at USD 420-425/MT, FoB India. Export offers rose as there were only limited supply and rise in steel futures market. In addition, currently material is not available in CIS nations as whole material is booked.
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