Steel Authority of India Ltd (SAIL), India’s largest steelmaker, has failed to receive bid for its 45,000 MT slab export tender, which closed last week. Tender was for 220 mm and 250 mm sized slab and is to be exported from Vizag Port.
According to market participants, there is no buying interest owing to consistently declining steel prices in global market. Lower offers from Brazil and CIS region has made Indian slab non-competitive.
A participant mentioned that SAIL might have accepted bid at USD 275-280/MT, FoB Vizag port (Indian East Coast), but buyers are getting much lower offers from Russia and Brazil.
Russian offers are assessed at around USD 240/MT, FoB Black Sea and Brazilian offers at around USD 240-245/MT, FoB.
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