Rashtriya Ispat Nigam Limited (RINL), had floated export tender of 15,000 MT (+/-10%) basic grade steel making Pig Iron for delivery by 10 Jul’17. Material offered had specifications: C: 3.5-4.8%, Mn: 0.5%(max), Si: 1.5%(max), P: 0.18% max, S: 0.06% max. The due date for submission of bids was 11:00 AM on 14 Jun’18.
In the latest update received, the company has extended bid due date till 20 Jun’18. As per sources the tender did not receive active participation from buyers owing to which they have extended the due date. Also the bids put were not as per company’s expectations owing to which they have extended the tender.
Demand for Indian pig iron export has improved on fresh buying from neighboring country, Bangladesh, SteelMint learned from market sources.
According to customs data maintained with SteelMint, India exported 575,450 MT pig iron in CY17. RINL remained the 3rd largest exporter at 72,500 MT after NINL and Vedanta.
Prior to this, MMTC on behalf of NINL had floated pig iron export tender for 40,000 MT which was due on 06 Jun’18. As per market sources, the tender received highest bid at around USD 386-391/MT, FoB. Company’s previous pig iron export tender floated on 17 May’18 also fetched response above market expectation as bids went up to USD 390-395/MT FOB levels, but tender was finally cancelled as MMTC’s expectation was higher than that.
Leave a Reply