Rashtriya Ispat Nigam Limited (RINL)- state owned steel maker under the Ministry of Steel, had invited ocean tender for export of 10,000 MT Billets. The billets offered were of size 90*90mm and IS 2830 C20MMn Gr A grade. The bid due date was 01 Jun’18 and material delivery is scheduled by 30 Jun’18.
According to market sources report to SteelMint, the company has cancelled the tender as bids fetched were not in line with company’s expectations.
As per sources the highest bid fetched was in the range of USD 500-505/MT, FoB. Simultaneously, the company had also floated tender for billet (90*90mm) export to Nepal. SteelMint learned from trade participants that the Nepal tender received good response in which 2 rakes of Billet (5,504 MT) have been booked and H1 bid received was at around USD 550/MT (ex-mill), while the rest of quantity (2 rakes) is under negotiation mode which is likely to get concluded at similar prices.
Since the company received good response for its Nepal tender, the company has cancelled its ocean export tender.
Global Billet export offers decline
1. Offers from CIS nations have come down by USD 10-15/MT W-o-W to USD 500-510/MT, FoB Black Sea. Offers were down amid limited trade activities in Turkey.
2. Chinese Billet export price assessment moved down to USD 535/MT, FoB, down by USD 10/MT W-o-W.
3. Billet export offers from Iran have moved down to USD 505-510/MT, FoB.
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