India’s state-run steel producer Rashtriya Ispat Nigam Limited (RINL) has floated two export tenders for billets. The first auction is for 15,000 mt of prime-rolled 90 mm steel billet for end-of-June shipment, company sources said. The last date for submission of bids has been set for May 25, and delivery is to be against and irrevocable letter of credit. The minimum bid volume has been fixed at 10,000 mt.
Another tender is for 30,000 mt of 150 mm billet of 3SP/4SP grade with the shipment also by the end of June, for 100 percent advance payment. Bids have to be submitted by May 24, 2022.
Despite falling international billet prices, weak local demand in India has been leading to the opening of new export tenders. Market sources believe that, to attract demand, sellers will have to cut prices below $650/mt FOB.
Also, RINL has floated an export tender for 10,000 mt of 5.5 mm wire rod, with the last day for submitting bids being May 25.