Indian government-run steel producer Rashtriya Ispat Nigam Limited (RINL) has floated an export tender for 30,000 mt of prime concast 150 mm billet for shipment by February 10, 2024, company sources said.
The last date for submission of bids has been fixed for December 27, for a minimum bid volume of 20,000 mt.
Delivery will be executed against 100 percent advance payment.
The reference price for ex-India billet stood at $522-528/mt FOB last week and the price targeted by the seller is $525-530/mt FOB, according to sources. But this is hardly achievable given the recent retreat in the Chinese and ASEAN billet markets. Market sources believe that bids for Indian billet will be at $515-520/mt FOB and below.