Indian trading house, MMTC’s export tender of 40,000 MT Pig iron has managed to receive bid from single participant, which expired on 17 May’16, according to market sources.
Global trading house, Ronly Limited was the sole bidder in the tender. However, tender has not been awarded yet, according to sources. MMTC’s last export tender was concluded in the month of December at USD 190/MT, FoB Paradip. Cargo was shipped to Thailand.
Last Indian Pig iron tender
Last tender by SAIL (Steel Authority of India Ltd) for 20,000 MT Pig iron from Haldia Port also went unsold due to volatility in global prices. Prior to that (in Apr’16), SAIL had received bids at around USD 280-282/MT, FoB Haldia but tender was re-scheduled due to technical issues.
MMTC has been floating tenders to export Pig iron produced by NINL (Neelachal Ispat Nigam Ltd). The company has been struggling to find buyers due to weak demand in the export market. But, recent hike in global scrap and Pig iron prices has given a hope to Indian Pig iron exporters.
Global market
Pig iron and scrap prices in global market have dropped in May in-line with falling Chinese billet export offers. Current offers from Ukraine are assessed at around USD 270-275/MT, FoB Black Sea against USD 300-310/MT, FoB in Apr’16.
Indian Pig iron bulk shipments since 2015
| Month | Loading Port | Vessel Name | Qty in MT | Price in USD/MT | Delivery Terms | Destination Country |
Trader |
| Jan’15 | Paradip | Coreocean OL | 27,000 | 393 | FOB | Thailand | MMTC |
| Jan’15 | Paradip | HTC Delta | 39,000 | 320 | FOB | South Korea | MMTC |
| Feb’15 | Paradip | Matumba | 30,000 | 310 | FOB | South Korea | MMTC |
| Mar’15 | Mormugao | Latika Naree | 27,500 | 260 | CIF | Malaysia | SESA |
| Mar’15 | Mormugao | Ken Cape | 30,000 | 305 | CIF | Saudi Arabia | SESA |
| Apr’15 | Paradip | Maritime Champion | 28,500 | 265 | FOB | Thailand | MMTC |
| May’15 | Vizag | C. Friend | 43,000 | 260 | FOB | Thailand | RINL |
| May’15 | Mormugao | Mandarin Phoenix | 25,500 | 280 | CIF | Egypt | SESA |
| Jun’15 | Paradip | Baltic Jaguar | 44,000 | 262 | FOB | Thailand | MMTC |
| Jun’15 | Mormugao | ISS Cantata | 30,000 | 283 | CIF | Thailand | SESA |
| Jun’15 | Mormugao | Eastern Star | 5,000 | NA | CIF | Saudi Arabia | SESA |
| Jul’15 | Paradip | Loreto | 42,000 | 264 | FOB | Thailand | MMTC |
| Oct’15 | Haldia | Vinalines Star | 17,500 | 241 | FOB | Bangladesh | SAIL |
| Jan’16 | Paradip | Mardinik | 31,500 | 190 | FOB | Thailand | MMTC |
| Feb’16 | – | – | Nil | – | – | – | – |
| Mar’16 | – | – | Nil | – | – | – | – |
| Apr’16 | – | – | Nil | – | – | – | – |
Source: SteelMint Stats, Custom Data
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