Rashtriya Ispat Nigam Limited (RINL), the state owned Basic grade Pig iron exporter, offered 30,000 tons of the material (Si 1.0%) through an export tender on July 20.
The technical bids are to open at 1530 hrs IST today.
SteelMint thinks that the tender might not receive a response from overseas buyers.
The last date of delivery is September 15 and a couple of parties namely Prime Carbon GmbH (Switzerland) and LG International (South Korea) recently participated in NINL's Pig iron export tender for mid-August shipment.
The South Korean importer is yet to receive two lots of the material from India, shipment lined up for 20 August from RINL and towards the end of August from NINL.
Presently, international Pig iron market has not been appreciating as prices has been constant in the last couple of weeks and demand has not improved in large.
Importers might find it difficult to sell out the material in international market, provided buying interest remains low and offers don't pick up.
RINL might have to extend the tender date by a couple of weeks, as is the only option left.
Technical Bids Opened at 1530 hrs IST
As per SteelMint analysis, there was no participant for RINL's Pig iron export tender.
Earlier on August 02, RINL did not receive any response from domestic buyers for 30,000 tons Pig iron open (domestic) tender and decided to extend the date to August 12.
For more details, contact
Seema Goenka
(seema@steelmint.com)
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