Rashtriya Ispat Nigam Limited (RINL), through an export tender on 06 June, offered 30,000 tons of Pig iron (Si 0.05%) to overseas buyers.
The tender has received no response from buyers based in the international market.
Depreciating rupee at 57 levels, falling prices of Scrap at $360-374/MT CFR India and lower Pig iron offers in international market accounted for no buying interest in Indian Pig iron.
Predictions on the price movement has been slightly difficult looking at falling markets and any commitments with Indian exporters might put importers at a loss.
In the last couple of Indian Pig iron export tenders, bidders did not regret on not being awarded as international Pig iron prices were on the lower side by the time exporters took a decision on the deal.
The date of delivery was 30 June and by that time, Pig iron market in Korea, which is at $399/MT CFR presently, is unexpected to improve.
Black Sea origin Pig iron is down by $5/MT to $370-385/MT FoB.
Chances were less that the tender would had fetched high bids.
It might not have been up to RINL's expectations, provided any party showed interest to participate. Indian exporters are also uninterested to wind up export deals at prices lower than domestic offers.
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