MMTC- India’s largest and state owned trading house, had floated export tender of 30,000 MT non-alloy Pig Iron on behalf of Neelachal Ispat Nigam Limited (NINL). The due date for submission of bids was on 10 Aug’18.
The material offered has specification – C: 3.6-4.3%; Si: up to 1.24%; Mn < 1%, S: 0.05% max; P: 0.2% Max. The shipment was scheduled between 05th to 15th Sept’18.
According to market sources report to SteelMint, the tender received participation from around 3-4 companies with highest bid around USD 370-375/MT, FoB India.
Another private Indian pig iron manufacturer was heard to have withdrawn its 20,000 MT pig iron export tender last week.
Prior to this, MMTC concluded tender for around 15,000 MT pig iron export in beginning of August at around USD 380/MT, FoB India.
Amid high prices in domestic market, companies have withdrawn their export tenders as they were anticipating high bids in line with the domestic prices. However in global market, pig iron export prices have come down amid decline in scrap prices.
Global pig iron prices fall – Pig iron export offers from CIS nations are heard around USD 385-390/MT, FoB Black Sea. Buying interest from overseas market has turned dull as buyers await further correction in offers.
Pig iron export prices from Brazil have come down on enhanced supply over a mill resuming operations. Current assessment around USD 375-380/MT, FoB Brazil.
Indian domestic pig iron prices move up marginally – Neelachal Ispat Nigam Limited (NINL) in its price circular dated 10 Aug’18 raised prices by INR 200/MT. The latest offers for Steel (N1) grade material are assessed at INR 28,100/MT (USD 400), ex-Cuttack, Odisha. While bulk purchase discount remain unchanged at INR 100-400/MT.
Domestic pig iron prices in other major markets were assessed at INR 29,000-29,400/MT (USD 413-418) in Durgapur and INR 29,300-29,500/MT (USD 417-420) in Raipur. All prices mentioned are basic & GST @ 18% extra.
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