India: MMTC invites Bid for Export of 40,000 MT Pig Iron

Metals & Minerals Trading Corporation of India (MMTC) invites global tenders for sale of basic grade Pig iron produced by NINL.

MMTC floats this tender on behalf of Neelachal Ispat Nigam Limited (NINL) on FOB Paradip port basis. NINL is one of the largest merchant Pig iron producer and exporter in the country.

Last date of bid submission is 27 Aug, 2014.

Specifications

• C: 3.6-4.3%
• Mn: Less than 1%
• Si: Upto 1.24%
• S: 0.05% max
• P: 0.15% max
• Weight: 15-20 Kg

Quantity: The offer consists of two lots; first lot is a firm lot of 30,000 MT (+ upto 5%) and second lot of 10,000 MT (+ upto 5%) is an optional lot at seller’s end.

Last Tender: Last tender, which was floated  in the month of July had fetched highest bid at USD 398.02/MT FOB Paradip by Switzerland based trader, Prime Carbon.

Indian Domestic Prices: Falling steel prices in domestic market has forced Pig iron manufacturers to reduce offers by upto INR 900/MT in last 1-month. Recently, NINL has corrected its prices by INR 200/MT for domestic buyers; offered at INR 23,400-23,600/MT (USD 383-386/MT), with additional discount of INR 500/MT (USD 8/MT).

Global Pig Iron Prices (in USD/MT) as on Week 33 ( 11-17 Aug, 2014)