Indian 10,000 MT Billet Export Tender Concluded

RINL (Vizag Steel ) had floated a tender on 16 May'17 for export of 10,000 MT billets for June delivery. The offered quantity comprised of 90*90 mm billet of grade IS 2830 of length 12 metres.

The bidders were required to submit bids by 11:00 am IST on 23 May'17. And the tender was floated for export to any country other than banned countries.

SteelMint had earlier reported that, the tender managed to receive two bids. The highest bid received was at around USD 400/MT, FOBST Vizag port. The 2nd bid received was USD 5-6/MT less than the highest bid. According to sources, a Turkey based trading source had participated in the tender while another bidder was Hong Kong based trader.

In the recent update received, sources shared that the tender has been concluded to Turkey based trader - Vilmeks at around USD 400/MT, FoB levels. However the country to which material will be shipped is yet not finalised.

Indian billet exports jumped two-fold in FY17 - According to customs data maintained with SteelMint, the total export of semi finished goods under chapter 7207 was 1.94 MnT as compared 0.97 MnT in FY 16. Out of total exports 35.71 % was made to Nepal followed by Bangladesh (20.80%) and Thailand (8.50%).

South-East Asian billet market remains quiet - Indonesia & Philippine - two major buyers of South East Asian regions kept away from closing deals. Indonesian buyers kept away from buying amid ongoing Ramdan festive season.

Chinese billet export offers are around USD 420/MT, FoB China. Chinese billet export offers have not been workable in last few months as prices in domestic market remained higher.

Billet export offers from CIS nations are at USD 390-395/MT, FoB Black Sea.