India’s state-run steel producer Rashtriya Ispat Nigam Limited (RINL) has extended the last date for submission of bids in a tender for export of 30,000 mt of prime concast billets, company sources said on Friday, October 13.
The sources said that the last date for submission of bids which had been fixed for October 11 has now been extended until October 18.
The export offer is for a minimum bid volume of 20,000 mt against 100 percent advance payment for shipment by mid-November.
Though the company sources declined to elaborate on the reasons for the extension of the deadline, market and trade circles said that closing date had to be extended as the tender offer received a very poor response both in terms of the number of bids as well as in terms of the highest price quoted, against the backdrop of the steady weakening of the billet market across the Asian and Gulf regions.