India’s state-run steel producer Rashtriya Ispat Nigam Limited (RINL) has floated an export tender for 30,000 mt of prime 150 mm steel billet for shipment by February 20, 2024, company sources said on Wednesday.
The last date for submission of bids has been fixed for January 9, 2024, for a minimum bid volume of 20,000 mt. Delivery will be executed against 100 percent advance payment, the sources said.
In general, the mood in the Asian billet market is cautiously positive and, as a result, RINL will target $530/mt FOB or so, versus previous targets of $520-530/mt FOB, though the previous tender failed to be closed.
However, except for this RINL tender, the Indian billet export market has remained inactive due to the holidays and the unclear local market trend.
