NINL, India's largest Pig iron exporter had offered 60,000 tonnes of the material on September 16, for exports. The total offered quantity includes 30,000 tonnes as an optional lot, on seller's decision.
Specification of the material: Steel/N1 grade (Si 1 Up to 24%)
Deal for 2nd lot concluded at USD 3.5 more
Based on an analysis around NINL's domestic N1 grade prices, INR against USD and international Pig iron prices as on 24 September, SteelMint mentioned that USD 374/MT FoB might be the highest bid submitted by MTPL, in articles posted on September 24 and 25.
MMTC Transnational Pte Ltd (MTPL) is a Singapore based trading company promoted by MMTC Limited in 1994. NINL exports Pig iron through MMTC.
We also mentioned that NINL might not accept a price lower to USD 374/MT FoB in line with domestic price trend.
On September 25, Singapore based trader MTPL, was the bid winner at USD 370.08/MT FoB and the very next day, NINL decided to award the 1st lot to it because the latter was keen to wind up an export deal.
Validity of offers for acceptance was till 17:30 hrs IST on October 03 and the deal for an optional lot was finalized on October 04.
MMTC then offered MTPL (being the H1 bidder) the optional lot at a higher price.
On a mutual understanding between both the parties, the deal was finalized USD 373.58/MT FoB.
Shipment of the 1st and 2nd lot will take place by 20 October and 10 November, respectively.
NINL's Pig Iron Export Prices
| Month | Qty (in MT) | Trader/Buyer | Price (USD/MT FoB) | Delivery Schedule |
|---|---|---|---|---|
| 4-Oct | 30,000 | MMTC Transnational Pte Ltd (Singapore) | 373.58 | by November 10 |
| 27-Sep | 30,000 | MMTC Transnational Pte Ltd (Singapore) | 370.08 | by October 20 |
| 8-Aug | 30,000 | Prime Carbon GmbH (Switzerland) | 375.38 | mid-August |
Specification N1/Steel grade, Si% Up to 1.24
Delivery: FoB Paradip Port basis
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