India: Vizag Steel Concludes 30,000 MT Bloom Export Tender

Rashtriya Ispat Nigam Limited (RINL) -a state-owned steel maker under the Ministry of Steel had invited an ocean export tender for 15,000 MT wire rod and 30,000 MT bloom.

According to sources report to SteelMint, the company has concluded the bloom (IS 2830 grade) export tender. The material offered has specifications - C-0.12-0.23%, Mn - 0.3-1.5%, Si- 0.4% max, P-0.045% max & S-0.045% max. The deal value was reported to be USD 380/MT, FoB and shipment is scheduled on 15 Oct'19. The company has cancelled other lots of wire rod.

Prior to this, the company had concluded two billet export tenders of size 150*150 mm and quantity; 20,000 MT and 25,500 MT in Aug'19. The deal value for both the tenders was reported to be USD 410-415/MT, FoB.

Global billet export offers have come under pressure following drop in global scrap prices & falling bids from SE Asia. SteelMint's assessment for billet export majors CIS and Iran are at USD 355-360/MT, FoB basis.