India: Vizag Steel Concludes 15,000 MT Billet Export Tender

Rashtriya Ispat Nigam Limited (RINL)- the state-owned steel maker under the Ministry of Steel, had invited ocean tender for export of 10,000 MT Billets (90*90mm, IS 2830 C20 MMn Gr A ), 5,000 MT Billet (65*65mm,IS 2830 Gr A) and 10,000 MT Blooms (200*200mm,IS 2830 Gr A). Bid due date was till 06 Feb'19 at 15:00 hrs with bid validity till 13 Feb'19. As per the delivery schedule, last date of delivery period shall be 15 Mar'19.

According to market sources report to SteelMint, the company has concluded the tender of 2 lots for 15,000 MT billet (90*90mm & 65*65mm). The tender was heard to be concluded at around USD 440/MT, FoB India. The material had specifications -- C: 0.17-0.23%, Mn: 0.3-1.5%, Si-0.15-0.40%, P:0.045% max, S:0.045% max.

However tender for 200*200mm bloom remained cancelled.

Global Billet Market overview:

1. Global billet export offers have moved up amid hike in global scrap offers and limited billet availability in global market. Offers from CIS regions are around USD 440/MT, FoB Black Sea. Offers moved up by around USD 20/MT W-o-W.

2. Domestic billet (100*100mm) offers in India are assessed around INR 36,200/MT (USD 510) (ex-Mumbai), GST extra

3. Domestic billet prices in China have increased after Chinese mills returned to market after holidays. Current billet prices in Tangshan (China) is around RMB 3,510/MT ex-factory, including tax