India's Vizag Steel to Cancel Steel Export Tender to Nepal on Low Bids
Vizag Steel also known as RINL, the state-owned steel maker under the Ministry of Steel, had invited tender for export of 10,836 MT billets, 5,418 MT blooms and 8,127 MT wire rod to Nepal on 30th Jul'19.
The bid due date for the tender was till 5th Aug'19, which was valid till 12th Aug'19 and the delivery was scheduled by 15th Sept'19.
As per information received by sources, Vizag Steel is likely to cancel the export tender due to low bids as bids was low by about USD 20-30/MT than the company's expectations.
As per participants, the highest bid for Billet (90*90 mm) was at near to USD 380/MT and for Wire rod is at around USD 440-445/MT ex-mill. However the officials were negotiating with participants to raise bids by around USD 20/MT, but it seems that buyers were still bidding on the lower side. Hence the tender is likely to be cancelled.
Earlier export tender floated on 26th Jul'19 was also cancelled by RINL due to low bids in which higest bid for Billet was around USD 400/MT & for Bloom (150*150mm) it was near to USD 375-380/MT ex-mill. In line Wire rod, the highest bid was reported at close to USD 460/MT ex-mill.
Induction grade offers up following hike in domestic offers
Following significant surge in Indian domestic offers, the export offers raised by mid sized mills in eastern India by USD 15-20/MT W-o-W.
The fresh export offers for induction route billet (100*100mm) learned at near to USD 375/MT ex-mill at Durgapur, which landed cost to Nepal would be around USD 400/MT CFR Raxaul/Jogbani border.
In line Wire rod (5.5mm, commercial grade), the export offers hovering at USD 415-420/MT ex-mill, equivalent to USD 445-450/MT CFR Raxaul/Jogbani border, Nepal.
source: SteelMint
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