Indian state-owned steel mill RINL has cancelled its fresh tender for export of 35,000 mt of billet due to lower-than-expected bids, according to the company and sources in the market.
The mill's targeted price level (the reserve price) was $425/mt FOB, but the tender was cancelled due to “unacceptable bids received,” a company source said. According to market sources, most bids were at close to $410/mt FOB, which translates to around $435/mt CFR Southeast Asia or slightly above.
As SteelOrbis reported earlier, the reference price for ex-India billet has been set at $415-420/mt FOB, but lower bids have been exerting pressure.
