RINL (Vizag Steel ) had floated a tender on 16 May’17 for export of 10,000 MT billets for June delivery. The offered quantity comprised of 90*90 mm billet of grade IS 2830 of length 12 metres.
The bidders were required to submit bids by 11:00 am IST on 23 May’17. And the tender was floated for export to any country other than banned countries.
As per market sources report to SteelMint, the tender managed to receive two bids. The highest bid received was at around USD 400/MT, FOBST Vizag port. The 2nd bid received was USD 5-6/MT less than the highest bid.
According to sources, a Turkey based trading source had participated in the tender while another bidder was Hong Kong based trader.
Global Billet market overview –
Chinese billet export offers are around USD 410/MT, FoB China. Chinese billet export offers have not been workable in last few months as prices in domestic market remained higher and amid domestic furnaces getting closed on environmental concerns.
Billet import offers in South-East Asia are currently hovering in the range of USD 405-415/MT, CFR.
Billet export offers from CIS nations are at USD 395/MT, FoB Black Sea.
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