MMTC, India’s largest trading company, on behalf of NINL has invited overseas buyers to purchase Pig iron through its export tender.
MMTC (Metal & Minerals Trading Corporation), India’s largest and state owned trading company, has issued another tender for export of 40,000 MT Pig iron, which failed to get response in previous tender, closed on 08 Oct, 2014.
“MMTC has invited global tender for export of Indian origin Pig iron (basic grade) from interested overseas buyers. The last date of submission of tender is 29 Oct, 2014 at 14:30 hrs,” said one of the company officials.
Global Pig Iron Market subdues on falling Scrap & Iron Ore Prices
Pig iron market remains subdued owing to falling Iron ore and Scrap prices. In a dialogue with a Pig iron trader, he mentioned that Scrap prices falling more than USD 20/MT in Europe coupled with falling Iron ore prices, steel mills prefer Scrap over pig iron.
Also, geo-political tension going on in CIS countries has failed to impact global Pig iron prices. Participants mentioned that amid falling Iron ore prices in seaborne market and cheaper offers of Billet and Re-bar from China, Pig iron buyers are unwilling to take position.
RINL’s last tender of 30,000 MT Pig iron, concluded in September, has fetched bids at around USD 395/MT FOB Vizag port by a Korean trading company.
Leave a Reply