India’s Vizag Steel Concludes 20,000 MT Bloom Export Tender - Sources

Rashtriya Ispat Nigam Limited (RINL) - state owned steel maker under the Ministry of Steel, had invited a tender for export of 10,000 MT Billets, 20,000 MT Blooms and 16,000 MT Rounds. Tender’s due date was 25 Jun’18 which was later extended till 27 Jun’18.

As per the delivery schedule, last date of delivery period shall be 31 Jul’18 and the bid validity was till 02 Jul’18.

SteelMint had reported last week that the company has concluded the tender for 10,000 MT billets (90*90mm) at around USD 521/MT, FoB. In the latest update received on the same tender, company is heard to have concluded the 20,000 MT bloom (150*150mm) at around USD 510-515/MT, FoB India.

Domestic billet prices in India have weakened over dull demand amid monsoon. As per SteelMint’s assessment, reference assessment of INR 34,500-34,700/MT (basic prices, GST @ 18% extra) (USD 502-505). Dull domestic demand and currency depreciation has increased interest of Indian steel mills for exports.

Global billet market overview - Domestic billet prices in China have remained unchanged today against last week’s close. Assessment at RMB 3,680/MT (including VAT) for 150*150mm Q235 grade.

CIS billet export offers assessed at USD 510-515/MT, FoB Black Sea.