SAIL May Cancel 10,800 MT Billet Export Tender - Sources

Steel Authority of India - a government of India company had floated export tenders for 10,800 MT billet from its Durgapur Steel plant. The tender put up for Prime Mild Steel Non-Alloy Concast billets (125*125mm) offered from Durgapur Steel plant has following specifications - C-0.17-0.23%, Mn-0.6-0.9%, S-0.05% max, P-0.05% max and Si - 0.15-0.35%.

Due date for bid submission was on 26 Jun'18 for which the material shipping was scheduled by 30 Jul'18.

According to trade sources report, the company received bids at USD 510-515/MT, FoB. The company was eyeing for levels of USD 530/MT, FoB India. Amid higher bid expectations, the company may cancel the tender or conclude similar quantity for export to Nepal owing to better realization which will be around USD 530-545/MT, CFR Raxaul border.

Global billet export offers weaken - Billet export offers from CIS nations have come down this week to USD 510-515/MT, FoB Black Sea less by USD 5/MT against previous weak. Limited trades have kept the market quiet.

Iran billet export price assessment have softened by USD 5/MT W-o-W to USD 500-505/MT, FoB Iran.

Domestic billet prices in China have edged up today after witnessing fall throuout the week. Prices are assessed at RMB 3,680/MT (including VAT) for 150*150mm Q235 grade against yesterday's close of RMB 3,660/MT (including VAT).