SAIL (Steel Authority of India Limited) had floated an export tender for 20,000 MT MS Plates on 29 Nov’16. The due date for the same was 6 Dec’16. The material was of ASTM A36 grade or equivalent, with size ranging between 12-50 mm.
The company has cancelled the tender on lower bids. According to market participants bids received were lower than SAIL’s expected price. SAIL was expecting a price range of USD 460-465/MT FoB India for base grade and size.
However it was not known that at what price did SAIL receive bids at. Last tender which was concluded at around USD 425-430/MT in mid Nov’16.
Indian steel companies bullish on export market as domestic demand weakens
Cash crunch post demonetization has resulted in decline in sales volume in India’s domestic flat steel market. Therefore, Indian steel makers are exploring export options.
Indian HRC (re-rolling grade) export offers have increased this week and are heard to be in the range of USD 505-510/MT, FoB India against USD 485-490/MT, FoB India a week ago.
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