Rashtriya Ispat Nigam Limited (RINL), a state owned and India's second largest Basic grade Pig iron producer and exporter based at Vizag (Andhra Pradesh), had offered 30,000 tonnes of Pig iron each, through an open (domestic) and export tender.
As per SteelMint analysis and expectations mentioned in an article posted early today, both the tenders have failed to receive a single bid for the second time.
Though, depreciating Rupee at 60-61 levels is quite favorable for export market and would fetch higher realizations, poor demand for Pig iron in Indian as well as international market and enough of stock with importers, have resulted in no buying interest.
In the last fortnight, Pig iron manufacturers across the globe have been unable to hike offers looking at slow down in steel demand and no uptick in prices of finished products.
The open tender was floated on the 18th of July and the export tender on the 20th of July.
Earlier also, RINL failed to receive any response and had therefore decided to extend the dates to the 12th of August.
With no option left, the Pig iron producer is expected to extend dates of both the tenders for the second time, in the current week itself.
For more details, contact
Seema Goenka
(seema@steelmint.com)
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