MMTC- India’s largest and state owned trading house, had floated a fresh export tender of 40,000 MT non-alloy Pig Iron on behalf of Neelachal Ispat Nigam Limited (NINL). Apart from 30,000 MT firm quantity, the pig iron exporter also offered an optional quantity of 10,000 MT depending upon the availability of pig iron. The due date for submission of bids was on 06 Jun’18.
The material offered had specification – C: 3.6-4.3%; Si: up to 1.24%; Mn < 1%, S: 0.05% max; P: 0.2% Max.
In the latest update received, the company has cancelled the export tender owing to high expectations. As per sources the bids fetched were in the range of USD 386-391/MT, FoB India.
Realization in domestic market is high as prices prevailing in domestic market are higher compared to the bids received in overseas market. Prices for Steel grade in Durgapur is assessed at INR 29,500-29,900/MT (USD 434-440) and around INR 28,500-28,900/MT (USD 419-425) in Cuttack (GST extra).
Pig iron offers in global market have remained rangebound this week. CIS offers are heard around USD 385-390/MT, FoB Black Sea.
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