An Indian state-run trading firm acting on behalf of steel producer Neelachal Ispat Nigam Limited (NINL) is seeking overseas buyers for 10,000 mt of steel billets, company sources said on Tuesday, February 26.
The sources said that notice inviting global tenders was floated seeking bids by buyers to be submitted by March 5 and delivery to be completed in the March 21-31 period.
According to sources, the billets on offer comply with FE550D and FE500D specifications with each billet weighing around 2.1 mt each, with measurements of 150 mm x 150 mm x 12,000 mm.
The billet export offer from NINL is significant as it commenced production of billets from its new steel melting shop (SMS) on December 7, 2018, as part of the steel producer’s strategy to enter higher value addition steel product production, from being one of the largest pig iron producers in India.
Furthermore, aiming to increase its portfolio of value-added products, NINL is in talks with international steel companies to construct a 800,000 mt per year wire rod manufacturing unit at its existing plant site at Kalinganagar, Odisha using billets from its new SMS, the sources added.