India: Vizag Steel Cancels Billet & Wire Rod Export Tender to Nepal

Rashtriya Ispat Nigam Limited (RINL)- state-owned steel maker under the Ministry of Steel, had invited tender for export of 10,836 MT Billets and 5,418 MT Wire Rod on 27th Jun'19. The due date for bid submission was 2nd Jul'19 and delivery scheduled by 10th Aug'19 on ex-works basis with validity of bids until 10th Jul'19.

As per sources report to SteelMint, the producer has cancelled the tender for both products i.e. Billet & Wire rod due to low bids than their expectations.

As per sources report to SteelMint, the highest bid for the billet (100*100 mm) reported at around USD 410/MT, while for Wire rod (5.5 mm, SAE 1008) it learned at close to USD 490/MT; ex-mill.

Meanwhile as per sources, the company was looking to conclude it higher price by around USD 15-20/MT looking at previous export tenders to Nepal, in which Wire rod tender was concluded at around USD 515/MT & Billet at near to USD 435/MT ex-mill.