India: MMTC Further extends Pig Iron Export Tender

MMTC, India’s largest trading company, on behalf of NINL has further extended Pig iron export tender.

MMTC (Metal & Minerals Trading Corporation), India’s largest and state owned trading company, has extended tender for export of 40,000 MT Pig iron, which was supposed close on 29th October 2014. The date for submission of technical and price bids is currently extended to 12th November 2014.

This is the quantity which MMTC has re-issued on 9 Oct, 2014 with a fresh tender circular, which failed to get  response on 08 Oct, 2014.

Sources mentioned that poor responses in Indian Pig iron export was fairly the result of falling Scrap and Pig iron prices in global market.

Global Pig Iron Market subdues on falling Scrap & Iron Ore Prices

Pig iron in global market remains subdued owing to falling Iron ore and Scrap prices. In a dialogue with Pig iron trader, we got to know that falling Scrap prices to more than USD 20/MT in Europe coupled with undervalued Iron ore prices is driving Steel mills to use Scrap over Pig iron.

Surprisingly, geo-political tension going on in CIS countries has failed to support 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 which was concluded in September, has fetched bids at around USD 395/MT FOB Vizag port by a Korean trading company.

*Export tender price
** Price in INR/MT