Rashtriya Ispat Nigam Limited (RINL), state owned steel maker under the Ministry of Steel, had invited an e-tender for the export of 40,000 MT Bloom and 20000 MT Billets for end Mar’20 shipment.
The tender due date was on 03 Mar’20 and offer given by the bidder had validity until 10 Mar’20.
According to reliable sources report to SteelMint, the company has cancelled the tender owing to lower bids than expectations. If trade sources are to believed the tender fetched bids at around USD 380-385/MT, FoB for 150*150mm, whereas company’s expectation was around USD 395-400/MT, FoB.
Global billet market overview:
–Recent plunge in exchange rate of Ruble against USD has resulted in decline in Russian billet export prices. Ruble is trading at around 71.5 against USD versus 64 a month back. CIS billet price assessment stands at USD 385-390/MT, FoB Black Sea, down by USD 5/MT W-o-W
— Iran billet export price assessment stands at USD 380-385/MT, FoB Iran. This is lower by USD 5 against last week.
— SE Asia billet assessment stands at USD 410-415/MT, CFR
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