Rashtriya Ispat Nigam Limited (RINL), the state owned Pig iron manufacturer based at Vizag (Andhra Pradesh), floated a 30,000 tons export tender on the 6th of June.
The technical bids opened today and it has finally received response from a single party, after extending dates thrice in the last 1.5 months.
LG International (South Korea) is interested to participate in the same.
RINL is ready to accept a minimum bid at $370/MT FoB, which converts to Rs 22,000/MT, considering $ = INR 59.64 and is equal to the domestic offers (on purchase of 5,000 tons and above).
(UPDATE: The price bid also opened this evening, which was to open on the 22nd (Monday) as decided earlier.
The tender has received a good response at $372/MT FoB Vizag Port.
RINL is to take a decision about the same, on the 22nd of the month.
The bidder is quite hopeful that the tender would be awarded).
Prime Carbon GmbH (Switzerland) din't turn up, as apart from finalizing deals with MMTC, it has been heard that it has also finalized a 30,000 tons Basic grade Pig iron export deal at around $365/MT FoB Goa Port, with a Pig iron manufacturer based in the South West region of India.
The material is expected to reach them in the 1st week of August.
Also, another participant was quite interested for RINL's material but at the last moment, decided not to participate.
It was unwilling to share reasons for their same.
RINL is currently holding 80,000 tons of Pig iron and has planned to sell out the entire stock, as mentioned below:
Exports (August shipment) 30,000 tons
Open tender (India) 30,000 tons
Exports 20,000 tons + (by adding the fresh stock)
For more details, contact
Seema Goenka
(seema@steelmint.com)
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