Indian Mill Concludes 15,000 MT Wire Rod Export Tender

Rashtriya Ispat Nigam Limited (RINL), India's one of the largest steel producer under the Ministry of Steel, had invited a tender for export of 23,000 MT Wire Rod and 20,000 MT Billets on 12th Nov'19. The bid due date for the tender was 15 Nov'19 with validity till 22nd Nov'19. Wire rod offered were of size 5.5-12mm & grade SAE 1008/SAE1008 B.

As per market sources report, the company has concluded wire rod export tender at around USD 430-435/MT, FoB India. The tender has been concluded for near about 14,500-15,000 MT wire rod, while few lots of about 8,000 MT remained unsold.

However due to low bids billet tender was cancelled.

Export Offers to Nepal

The wire rod export offers to Nepal by another large scale mill in eastern India is hovering at near about USD 440/MT ex-mill.

In line, wire rod export offers by the mid scale mills produced from Induction grade billet are reported to be around USD 420-425/MT ex-mill in eastern India.

Nepal is the largest buyer of Indian wire rod, however demand from the country at present is weak due to healthy deals that took place during the beginning of the month by both large as well as mid scale mills. The local steel demand in Nepal reported weak and yet to be pick amid favorable weather for construction activities.