Neelachal Ispat Nigam Ltd (NINL), a state owned and India’s one of largest Pig iron exporters, has extended its tender’s date for export of 30,000 MT to 10 Jun, 2014 which was supposed to open on 27 May, 2014.
NINL which had floated a tender for export of 30,000 MT Pig iron on 15 May, 2014 has been extended due to two primary reasons:
- Appreciated INR which will fetch NINL lower realizations
- Domestic Pig iron prices are soaring high on temporary Iron ore mining ban in Odisha
NINL last export tender was settled at around USD 377/MT FoB Paradip port (Odisha).
Indian domestic Pig iron prices have raised upto INR 1,700/MT (USD 29/MT) in last one week due to suspension on Iron ore mines in Odisha, which were running under deemed renewal. Recently, NINL had raised their offers in domestic market by INR 2,250/MT, which is now at INR 25,250/MT.
Sources believe that NINL may not go for exports when they are getting much higher realizations in domestic market.
Interestingly, Rashtriya Ispat Nigam Ltd (RINL) which had tendered 30,000 MT Pig iron for export in the month of May has not settled it. They received bids at USD 374/MT FoB Vizag.
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