Indian government-run steel producer Rashtriya Ispat Nigam Limited (RINL) has floated three separate billet export tenders for an aggregate volume of 90,000 mt for deliveries in July-August 2026, with two of them expiring next week.
The first tender for SAE-1008/1010/1018 (30,000 mt maximum and 10,000 mt minimum) billet was announced earlier this week. The expiry date is today, June 19, but there is still no information on whether the tender has been closed. Market sources believe that for this grade the producer will target an extra of $5-10/mt.
The second and third tenders are both for 3SP/4SP billet of 150 mm and 200 mm sizes, for a tonnage of 30,000 mt each. However, in one auction shipment should be before the end of July, and in the other one it should be before August 6. The last dates for submission of bids are June 22 and June 24, respectively. Bids will have to be submitted for the entire volume on offer in the tenders, the sources said.
Delivery of the first tender volume of 30,000 mt will be made against 100 percent advance payment, while delivery of the volume in the second tender will be against irrevocable international letter of credit on payable on sight terms.
The SteelOrbis reference price for ex-India billet stands at $460-475/mt FOB this week. The mill will target $475-480/mt FOB, but buyers in the Asian market want below $460/mt FOB, which would hardly be achievable. The success in the tenders will depend strongly on demand prospects in the Gulf region.
