Indian Pig iron export tenders scheduled on 10 & 11 Aug’15 went unattended.
India’s largest Pig iron manufacturers and exporters namely Vizag Steel (RINL) and Neelachal Ispat (MMTC) fail to receive response in Pig iron export tender held on 10 & 11 Aug’15 respectively. RINL has offered 30,000 MT of basic grade Pig iron whereas, MMTC has offered 40,000 MT Pig iron (30,000 MT firm lot & 10,000 MT optional).
According to sources, the companies could not receive a single participation for the export tender.
MMTC’s last export tender held on 16 July’15 failed to receive any response. Hence, the company had to further extend it to 11 Aug’15. Alike MMTC, Vizag Steel was also not able to fetch bid on its last export tender held on 30 July’15 and therefore, extended the bid date to 10 Aug’15.
Depreciating Yuan has led to global uncertainty
Devaluation of the world largest steel maker’s currency, Chinese Yuan has left the steel market in suspicion. Steel manufacturers and participants across the globe are doubtful about the steel price to stay stable further. There is high anticipation of price cut in Chinese steel export offers, as exporters have got enough room to reduce offers on the back of currency devaluation.
It may be noted that countries like Thailand, Korea are the major importers of Indian Pig iron. There is a shift in interest observed, since China has offered cheaper billets in global market.
Outlook
With the fall in Chinese currency along with Indian, resistant in buying can be easily felt in the global trades in coming days.
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