Iron and Steel

India: Vizag Steel Concludes 10,000 MT Bloom Export Tender

India: Vizag Steel Concludes 10,000 MT Bloom Export Tender
Mining News Pro - Rashtriya Ispat Nigam Limited (RINL) - a state owned steel maker under the Ministry of Steel, had invited a tender for export of 10,000 MT Billets (90*90mm, IS 2830 C20 MMn Gr A) and 20,000 MT Blooms (200*200mm, IS 2830 GrA). However the minimum quantity in both tenders was 10,000 MT.
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According to Mining News Pro -Rashtriya Ispat Nigam Limited (RINL) - a state owned steel maker under the Ministry of Steel, had invited a tender for export of 10,000 MT Billets (90*90mm, IS 2830 C20 MMn Gr A) and 20,000 MT Blooms (200*200mm, IS 2830 GrA). However the minimum quantity in both tenders was 10,000 MT. The bid due date was 24th Oct`18 which was later extended till 30th Oct`18. The material delivery is scheduled till 30 Nov`18.

According to market sources report to SteelMint, the company has concluded 10,000 MT Blooms (200*200mm, IS 2830 GrA) deal at around USD 450-460/MT, FoB. 

RINL`s billet export tender to Nepal - Simultaneously the company had also floated billet (90*90mm) billet export tender to Nepal for quantity of 4 rakes (10,836 MT). Tender due date was 30th Oct`18. According to sources report to SteelMint, the tender received weak response and the highest (H1) bid for export tender was reported at around USD 475/MT (ex-mill). However the tender has not been concluded yet and is still under negotiations. Notably, RINL`s previous billet export tender to Nepal floated a month ago was concluded to same party at around USD 503-505/MT ex-mill for about 5,504 MT (equivalent to 2 rakes).

Domestic billet (125*125mm) prices in India is around INR 34,000/MT (USD 462) (del Durgapur), down by INR 400/MT against last week; (GST extra).

Global billet market overview - Global Billet export market remains subdued witnessing limited trades. CIS origin billet export price assessment is around USD 455-460/MT, FoB Black Sea.

Vietnam`s domestic steel mill - Formosa Ha Tinh has added to billet supply by 1 MnT in Asian markets since August this year. The company will further ramp up production till 2 MnT pa. This has reduced buying interest of imported scrap as billet offers have turned cost effective.

 

 


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