SAIL achieves better result by 4th quarter tender of HRC

SAIL achieves better result by 4th quarter tender of HRC

September the 20th Friday was the deadline for traders to present their final bids at Indian mill SAIL's counters for the last tender of 2002 for sales of hot rolled steel sheet in coils. The Quantity available was 20,000 mt as per usual production/export limits of SAIL. Traders were talking about mill's expectation would be to get an FOB level of $265-270/mt as there was substantial interest from many traders and buyers. Most of the interest was for exports to Chinese and European markets. However things have turned about to be better than expected for SAIL. SteelOrbis is reported that, the Indian mill decided to award the aforementioned tender of 20,000 mt hot rolled coils to Corus Trading at $275/mt FOB St. Some big international trading houses like Macsteel, Cargill, Salzgitter and Metalloyd had also participated in the tender but failed to submit better bids than Corus Trading. This could be interpreted as another confirmation that flat rolled market is going to hold and remain firm for the fourth quarter.