India's Vizag Steel Concludes 30,000 MT Ocean Billet Export Tender

Rashtriya Ispat Nigam Limited (RINL), the state-owned steel maker under the Ministry of Steel, had invited a bloom export tender for 30,000 MT quantity. The size and grade mentioned in the tender were 150*150mm and 4SP respectively. According to close sources report to SteelMint, the company has concluded the tender at USD 355-360/MT, FoB basis. And the shipment is scheduled for 15 Apr'20. If sources are to be believed, the shipment is destined for China.

Vizag Steel had also floated spot sales export tender for 30,000 MT billet (4 SP, 150*150mm) which was due yesterday.

Unlike other nations, China is the only economy, which is recovering from the pandemic. China has been aggressively booking billets, pig iron, and slab following resumption in construction activities. This is made all the major billet exporting nations combative for supplying the billets to China, as due to the pandemic, other billet consumers are largely lockdown. With the resumption of construction activities, trades have gained momentum in the country.

CIS billet export price assessment is at USD 340/MT, FoB Black Sea. While that for Iran is at USD 320-330/MT, FoB Iran.