India: Vizag Steel Concludes Wire Rod Spot Sales Export Tender

Rashtriya Ispat Nigam Limited (RINL)- state-owned steel maker under the Ministry of Steel, had issued spot sales notice for export of 10,000 MT bloom, 10,000 MT billet & 10,000 MT wire rod coils.

The destination for the sales notice floated in any country other than Nepal and banned countries. The due date for submission requirement was 26th Dec'19.

As per officials, the wire rod tender has been concluded only for 5,000 MT Wire rod (5.5 mm) at around USD 450-455/MT FOB India.

However the remaining lots of wire rod have been cancelled along with billet & blooms on limited participation.

Vizag Steel Logs Highest Sales Volumes in Dec'19

Vizag Steel plant has logged highest steel sales volume in the month of Dec for the financial year 2019-2020, SteelMint learnt from market sources. Vizag Steel has achieved a sales volume of around 5.5 lac tonnes, of which 1.2 lac tonnes is attributed to exports.

Addressing the employees on new year, Vizag steel Chairman-cum-Managing Director P.K. Rath said that steel industry is showing signs of improvement on government's initiative to boost infrastructure. He also highlighted that export have recorded a growth of 119% and special steel reports 79%.