India: Vizag Steel Cancels Billet Export Tender on Limited Participation
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The Rashtriya Ispat Nigam Limited (RINL), a state-owned steel maker under the Indian Steel Ministry had floated an export tender for 30,000 MT billets. The material offered was in 3 lots of 10,000 MT each of sizes 90*90mm,77*77mm and 65*65mm. The bid submission due date was 26 Apr'19 with offer validity till 03 May'19. The material shipment was scheduled to take place by 31 May'19.
According to market sources report to SteelMint, tender was cancelled due to low participation. According to sources, the company might reissue the tender in a short leave, but it is still under discussions.
Product Details
| Product | Size (mm) | Grade | Quantity (MT) |
| Billets | 90 X 90 | IS 2830 Gr A C20 MMn | 10,000 |
| 77 X 77 | IS 2830 Gr A | 10,000 | |
| 65 X 65 | IS 2830 Gr A | 10,000 |
Global Billet Market Overview:
1. Billet export offers CIS nations witnessed drop of USD 5-10/MT, W-o-W. According to sources, latest offers from CIS nations were reported to at USD 420-425/MT, FOB Black Sea.
The South East Asian countries were the prime disruptor for this price drop, as these countries happen to be the prime market for CIS nations. According to SteelMint's analysis the prime factor encountered for reduction in offers was decline in bids and the election season in the countries like Indonesia, which is among the major buyer of billet. As per reports, SE Asian buyers might turn active for bookings at lowered offers.
2. To protect the domestic industry from unfair competition, the steel ministry of Egypt country has imposed an anti dumping duty of 15% on billet imports for 180 days from Apr'19. This has resulted in lowering of offers from CIS nations to stay competitive in the market
3. Iran billet export offers are reported to be USD 375-380/MT, FoB. The sources reported about the deal which happened this week. 10,000 MT Billet was booked for export by a major Iranian mill at USD 375/MT, FOB. According to sources, the billet export prices are expected to remain supported on maintained global scrap offers.
