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 through an open tender to domestic buyers.
The tender was floated on the 18th of July and the last date for submission of bids was the 2nd of August at 02:30 P.M.
RINL failed to receive any response on the 2nd and the date was extended to the 12th.
The tender (EMD bids) are to open today at 03:00 P.M.
The successful party has to lift a minimum of 27,000 tonnes of the material within 45 days time.
Delivery schedule: Will be delivered Ex-Plant, Visakhapatnam by Rail (rakes) as well as by Road; loading charges to be borne by VSP.
RINL had also offered 30,000 tonnes of Pig iron with Si 1.0% max to overseas buyers, through an export tender on the 20th of July.
Earlier, the technical bids opened at 1530 hrs on the 06th of August.
International Pig iron buyers were uninterested to participate in the same and the date was extended to the 12th.
The last date of delivery is September 15 on FoB Gangavaram/Vizag Port basis.
SteelMint thinks that RINL's domestic as well as export tender might not receive a bid for the second time also.
Demand for Pig iron in Indian domestic market has not improved in the last one week.
Though, prices are standing at quite low levels, manufacturers are finding it hard to get rid of the existing stock.
International Pig iron buyers are yet to receive more than a couple of Indian cargos by the end of this month, for export deals finalized with RINL and NINL in the last fortnight.
Black Sea and Korea Pig iron prices remain constant with low buying interest.
RINL might have to extend dates for the couple of tenders which is to open today, as is the only option left, provided there are no participants.
For more details, contact
Seema Goenka
(seema@steelmint.com)
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