Neelachal Ispat Nigam Limited (NINL), had offered 60,000 tonnes of Pig iron to international buyers, through an export tender on September 16.
Specification of the material: Steel grade (N1) and Si up to 1.24%
On September 25, the tender had received highest bid at USD 370.08/MT FoB from MMTC Transnational Pte Ltd (MTPL).
MTPL is a Singapore based trader and a wholly owned subsidiary of MMTC Limited and had bid for NINL's Pig iron tender on behalf on Starcom Resources Pte Limited (Singapore).
Shipment of the material will take place by October 20 on FoB Paradip Port delivery basis.
A couple of other participants namely Prime Carbon GmbH (Switzerland) and LG International (South Korea) had bid quiet low and were not keen to take NINL's material for October shipment.
NINL has finalized the deal as it will help the company to get rid of a big quantity of Pig iron at one go.
The manufacturer has been able to sell out the material in small quantities to domestic takers as buying interest is low, at its prevailing price of INR 23,500/MT (ex works).
Neelachal Ispat is a state owned and India's largest Pig iron producer. Its plant is located in Cuttack (Odisha) and has an installed production capacity of 0.85 MnT pa.
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