India: SAIL Cancels 16,200 MT Billet Export Tender on Higher Price Expectations

Steel Authority of India (SAIL), an India state owned steel mill, has cancelled 16,200 MT billet export tender which bid due date was on 3rd Dec'18, SteelMint learned from market sources.

SAIL had floated Billet/Bloom export tenders for 16,200 MT from Bhilai Steel Plant (BSP) of size 150*150 mm, 10,800 MT of size 125*125mm from Durgapur Steel Plant (DSP), 5,400 MT of size 150*150mm from ISP (Burnpur) and a plate tender of 8,000 MT from Rourkela Steel Plant (RSP).

According to market reports, company has cancelled billet tender issued from BSP, which fetched highest bid at around USD 425/MT FOB Vizag (India East Coast).

Company has also cancelled 8,000 MT plate tender from RSP, which fetched highest bid at below USD 535/MT FOB levels.

Billet tender from Durgapur Steel Plant is valid till 6th Dec at IST 17:00 HRS.

Global Billet Prices

Billet prices in global market has observed a downtrend in last one month amid increasing possibility of exports from China, where prices have corrected over USD 80/MT in November 2018.

source: SteelMint