Indian state-run steel producer Rashtriya Ispat Nigam Limited (RINL) has floated two export tenders for 20,000 mt of prime concast 90 mm billet and 10,000 mt of prime non-alloy steel wire rod for shipment by May 31, according to the official information on Thursday, April 6.
The last date for submission of bids has been fixed for April 12 for both tenders. The minimum bid volume for billet has been set at 10,000 mt and 5,000 mt for wire rod. Delivery would be completed to the successful bidder against an irrevocable letter of credit, the sources said.
While the officials declined to issue confirmation, sources at the company and in trade circles said that the offers were “re-tenders” against volumes put up for export sales late last month but which could not be closed by the last date of submission of bids last week.
The sources said that bids received against the previous billet export tender were below expectation and even lower than the internal reserve price, leading to the cancellation of the tender. According to sources, bids for Indian billet were at $550/mt FOB at the highest, versus mill’s expectations of $580/mt FOB. In the case of the wire rod export offer, only one bid was received and rules did not permit sale against a single bid, prompting a re-tender of the offer.