SAIL (Steel Authority of India Ltd) has managed to conclude its 10,000 MT bloom (150*150 mm) export tender at higher price, according to market participants. Tender was closed on 3 May ’16.
Sources confirmed that tender has been settled at around USD 385-387/MT, FoB Haldia port by Nucor Trading. Cargo is likely to be shipped to Middle East. Freight from Indian East Coast to Middle East is approximately USD 20-22/MT.
Bids up by USD 24/MT from last tender
Bids have gone up by USD 24/MT as compared to last tender, which was concluded by RINL in the month of April at USD 363/MT, FoB Vizag Port (Indian East Coast).
Buyers willing to pay high due to uncertain supplies from China
Global buyers are paying a premium to Indian billet owing to rising defaults from Chinese suppliers. In last few weeks, quite a lot contracts have been defaulted by Chinese exporters due to sudden rise in prices.
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