Market participants are quite optimistic that international Pig iron buyers such as Stemcor (UK) or L G International (South Korea) might bid above $398/MT FOB for NINL's 60,000 tons Pig iron on Jan 21.
Sources told SteelMint that NINL cancelled its tender on Jan 11 as it received a bid at $388/MT from Stemcor.
Pig iron prices are improving overseas, export offers in CIS countries and Brazil moved up by around 5% this month.
NINL is likely to lift its domestic prices by Rs 500/MT to Rs, 22,500/MT (Ex works Cuttack) as there is no room for further drop of current prices.
Leave a Reply