Indian state-controlled steelmaker Rashtriya Ispat Nigam (RINL) has floated two import tenders for the procurement of coking coal, based on a basket of two indexes, including Argus.
The long steel manufacturer requires 150,000t of hard coking coal and 150,000t of soft coking coal, each from a single source. It will accept blended coal provided there are not more than two coal brand components, according to the tender document.
The minimum quantity for both the tenders is 75,000t and it intends to take delivery from April with 19 April 2023 as the submission deadline.
The tender price has to be quoted on a free on board (fob) basis as a percentage of the published market price. The tender document defines the published market price as the average of the Argus and Platts premium low-volatile coking coal indexes.
The steelmaker earlier this week invited expressions of interest for working capital funding or raw materials against steel supply. It also floated a global tender to procure 50,000t of billets earlier in March.
