Neelachal Ispat Nigam Limited (NINL) has today, offered 60,000 tons (30,000 tons as an optional lot) of Pig iron to buyers based in the international market.
Specification: N1 (Basic) grade, Si% Up to 1.24
Last date of submission of bids: 1430 hrs IST on 02 July
Opening of technical bids: 1500 hrs IST on 02 July
Opening of price bids: 1500 hrs on 03 July
Shipment Period: 1st lot During 2nd half of July
2nd lot During 1st half of August
The tender is expected to receive a good response as it is to open in July first week and about three parties are interested to participate.
International Pig iron prices look to move up by $10/MT to $380-390/MT FoB Black Sea with the beginning of July on account of scarcity and improving Scrap offers.
NINL is using its N1 grade Pig iron to conclude export deals and offering N2 and N3 grade material for domestic sales.
It is to float another Pig iron export tender in the month to come and is to benefit owing to depreciating Rupee.
Currently, India's largest producer and exporter of Pig iron, to meet with export orders, is producing about 1,500 tons of Pig iron on a daily basis, after it finalized the last export deal on 12 June.
Demand for NINL's Pig iron in Indian domestic market is low in the present day, due to Tata Steel's cheaper Pooled iron and as RINL is offering Pig iron at quite low prices to get rid of inventory before monsoon impacts trading volumes.
NINL did not meet with any big change in demand for its material last month and hence, had unaltered domestic prices on 10 June.
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