Vizag Steel, one of the largest steelmakers, has recently extended its 30,000 MT Pig iron export tender till 01 Sept’15. This is the third time the company is extending the tender date owing to dull market.
The company was not able to manage firm bids in its previously conducted tenders. On 13 July’15, the company issued this tender with scheduled technical bids to open on 30 July’15. Later, it was extended till 10 Aug’15, then further postponed to 20 Aug’15.
Inline with this, another major Pig iron exporter MMTC also failed to receive bids in its export tender conducted for 40,000 MT material on 11 Aug’15. The company has reissued the same tender with new technical bids to open on 03 Sept’15.
Depreciated Russian and Chinese currencies have shifted the interest of buyers from Indian Pig iron to Chinese billets. In addition to this, buyers in Turkey are preferring scrap over Pig iron as it is available at much cheaper prices, in the range of USD 240/MT CFR Turkey. These could be the reasons for lack of participation interest in Indian export tenders from overseas buyers.
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