Uncertainties in global steel offers has kept Pig iron traders away from export tenders.
Vizag Steel (RINL), which had re-issued the export tender for 30,000 MT Pig iron till 1 Sept’15, failed to receive response in the event.
The export tender which was originally issued on 13 July, valid till 30 July’15, was extended four times till 1 Sept’15. The company was unable to attract any bidder in the export tenders.
MMTC is also experiencing the same response and failed in last three tenders. Latest tender is in pipeline and will be expiring on 3 Sept’15.
Volatile global offers has made participants cautious
Chain of uncertain events (like currency devaluation in major economies, availability of cheaper Chinese billet, fall in oil & coal prices etc) in market has made the steel buyers more cautious in making new orders.
Offers for Pig iron are heard at USD 225/MT FoB Black sea, whereas offers for scrap at USD 230/MT CFR Turkey have built the shift in interest of steel mills.
Moreover, a recent deal of Chinese billet, closed at around USD 295/MT, CFR for 40,000 MT in Turkey has gathered complete attention. Hence, prices for Pig iron at CIS are assumed to fall in coming days.
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