Indian state-run steel producer Rashtriya Ispat Nigam Limited (RINL) has floated two export tenders each for 30,000 mt of prime 150 mm 3SP/4SP concast billet for shipment by December 25, company sources said.
The last date for submission of bids has been set for November 14 for a minimum volume of 20,000 mt in each tender.
Shipment will be executed against 100 percent advance payment.
The main reason for the increased offer volume in the export market from India is the softening of demand and prices in the local market, according to sources. In such conditions, Indian producers may accept prices slightly below $500/mt FOB, though it is still questionable if there will be such bids from traders, given the slow movements in the global billet market.