Indian State Owned Mill to Conclude 15,000t Billet Export Tender - Sources

Rashtriya Ispat Nigam Limited (RINL)- state-owned steel maker under the Ministry of Steel, had invited tender for export of 10,000 MT Billets and 40,000 MT Blooms for mid Jan'19 shipments. The bid due date was till 06 Dec'18 however offer validity was till 13 Dec'18.

According to market sources report to SteelMint, the company may conclude 15,000 MT billet export tender of size 150*150mm at around USD 430-435/MT FOB. However confirmation from the company on the same is still awaited.

Bids on other lots remained comparatively lower as per company's expectations as comparatively prices are higher in domestic market. Domestic billet prices for 125*125mm in Mumbai is around INR 32,600/MT , GST extra (USD 455/MT).

On the other side, global billet offers from CIS nations and Iran continue to remain on lower side fetching better interest from SE Asian buyers. CIS billet export offers are around USD 425/MT, FoB Black Sea. Billet export offers from Iran are at USD 405-410/MT, FoB Iran.